Page 424 - Misc Ebook IC 78

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premium amount is deducted from the claim amount
itself, while settling the claim. The policy is usually
valid for a year commencing as per the financial
year of the insured bank.

(iv) Retroactive Cover - The retroactive period for
Banker's Indemnity Insurance is for two years from
the date of discovery of any such loss. For losses
not sustained within a retroactive period of 2 years,
provided the insurance was in force for the entire
retroactive period, the insurer is liable for the claim.
This is called Retroactive cover.

Q10. What should be the contents of a pre-
acceptance survey report , which is crucial
while underwriting a large/complex
Burglary proposal.

Ans: Acceptance and the terms burglary cover are mostly
based on the report given by the surveyor. The report
generally contains the following particulars:
(i) proposer's name, address and business.

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