Page 75 - Misc Ebook IC 78

Miscellaneous Insurance

that can be properly rated and special conditions imposed,
if required. Secondly, the report also highlights any
shortcomings in security or safety features and provides
suggestions for the betterment of the risk.

The inspection report covers the following aspects:
(i) points of entry, exit and other openings present and

how are they safeguarded.
(ii) provision for armed guards, burglar alarms, and

collapsible gates.
(iii) description of the safe, its brand, size, make, etc.
(iv) the methods of maintaining account books and

improvement suggestions.

Q6.(b)What is a valued policy ?

Ans. Valued policies , are usually agreed value policies, which
are the contracts where the sum insured is deemed to
be the actual value of the property.

Claims under such policies in respect of total loss are
settled without any adjustment which may otherwise
arise on the adequacy of the sum insured, its market

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