Page 69 - Misc Ebook IC 78

Miscellaneous Insurance

(iv) narrow thoroughfares with heavy traffic.

Higher rates are often charged for the showrooms,
garages, jewellers etc. In case of the latter, the special
hazard arises from the possibility of damage in smash
and grab raids. The rate of premium depends on the
type of glass, the situation, previous experience and the
locality of the neighbourhood.

The rate ranges from 5 % to 10% of the value of the
glass. In the event of a claim, the amount payable is
restricted to the intrinsic value of the broken glass, of
course up to the amount specified in the policy against
the relevant item. All salvaged glass shall be the property
of the insurers and must be carefully preserved.

The insurers however, have the option either to pay in
cash, the amount of the intrinsic value of the broken
glass, or to make replacement by glass of similar
manufacture and quality. The coverage under the policy
is applicable so long as the glasses fixed. The insurance
cover ceases in any alterations are carried out to the

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