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§
Insurance is a contractual arrangement whereby one
party agrees to compensate another party for losses
.
ñ
Insurance is a financial arrangement that redistributes
the costs of unexpected losses.
Ê
Pncertainty about the outcome
If a loss is certain : there is no risk
Possibility that the outcome may be unfavorable
At least one of the possible outcomes should be
undesirable
6
Is cause of loss
À
Is a condition that may create or increase the chance
of a loss arising from a given peril
It increases the frequency and / or severity of the
peril
½ On and
½ Off Shore
½ In Course of Construction / Installation ½ In Space
½ While kept / Installed / Stored
½ In Transit by ail / oad / Water / Air
½ echanically propelled and Vehicle not on ail
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WHEE COVEED INDE NIFIED
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Net anufacturing Cost including Factory Overheads
In other words, the anufacturer¶s Ex-Factory Price less Administrative /
Sales Overheads and Net Profit
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Sum Insured to include Excise Duty
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Contract Price
Cost of aw aterials + other inputs and processing costs at any given
time
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Boilers
Economizers or
Other vessels in which steam is generated
by their own explosion / implosion
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- of each and every loss subject to a minimum of
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Equipment temporarily removed for repairs, cleaning,
renovation or other similar purposes for a period of 60 days
are covered
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o over running excessive pressures,
o arcing,
o short circuiting,
o overloading,
o electrical surge etc.
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Alteration of trade to increase the hazard
Insured building unoccupied by for more than 30
days
Interest in the insured property passes from the
insured other than by will or operation of law
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as circumstances permit
easonably sufficient manner
Sum Insured is the imit
Because of any law, if the einstatement could not be done,
payment in money
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