Excess clause under any Insurance Policy Sometimes, while the insurance policy is being issued to the Insured, the excess clause is not appearing in the policy. After the occurrence of the claim, the Insurer...

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Principle of Contribution under Fire Insurance There is a condition no. 11 of Fire insurance policy which is based on Principle of contribution” as under: “If at the time of any loss or damage happening to...

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Claim procedure under Consequential Loss of Profit (CLOP) Policy This policy which has defined the procedure to assess the loss under different basis (Turnover, Output or Differential) the policy can be issued. But the Surveyors...

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Claim Under Consequential Loss of Profit (CLOP) Policy In one of the claims under CLOP policy after restoration of Plant, the Surveyor repudiated the claim on the ground that “Insured should have produced more...

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Importance of “Agreed Bank Clause” under Fire Insurance The question arises to whom the Insurer will pay the claim amount in case “Agree Bank Clause” is included in the policy but name of the banks...

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Compliance of 64 VB for premium payment At the time of receiving a proposal and/or issuing of Covernote/Policy , the premium is either collected in cash or cheque/Draft or Bank Guarantee. For small insurances  ,...

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Excess applicable for dwelling units under SF & SP Ins Policy Received many inquiries about the excess applicable for the dwellings units under SF & SP Ins policy and  the same is as under: If the...

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Excess Under Marine (Cargo) Insurance A business house has taken a domestic purchases marine cargo policy where it is specified that the transporter will receive the material from All Over India in parcel at Chandigarh...

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Whether under insurance (Average) is applicable under money insurance? No, it is not applicable as the policy term and conditions does not stipulate the Average clause and further it is adjustable policy. At the end...

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Excess for one event under three different Fire Insurance policies An owner of a factory insured its assets (Building, Plant & Machinery and Stock) through  3 different polices from 3 different Insurers. The sum...

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