Page 62 - Misc Ebook IC 78

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to enforce their rights of subrogation, but under the
court bonds recoveries are sought under the counter
guarantees executed in the favour of the insurers
by the person guaranteed.

(x) Commercial guarantees prescribe time limits within
which the insured has to intimate defaults to the
insurers, but court bonds are not subjected to
restrictions of time.

Q4. Write a detailed note on Shopkeeper's
Insurance Policy.

Ans. The Shopkeeper Insurance Policy is a market agreement
cover, which has been devised to cater to the needs of
small shopkeepers. The criterion is that the value of
property at risk, including the building covered, should
not exceed Rs. 10 lacs. In case it exceeds, Shop keepers
policy cannot be issued at all.

It is not permissible even to issue a Shopkeepers policy
up to at the Sum insured of Rs. 10 lacs and issue specific
individual policy to the balance amount. This policy is
valid only for shops, and not for any restaurants, cafes
or hotels.

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