Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Coverage under Bankers Indemnity Insurance - Money securities lost or damaged whilst within the premises due to fire, burglary, riot and strike, Loss suffered due to any cause whatsoever including negligence of the employees, when the property is carried outside the premises in the hands of authorized employees.
The cover is issued on discovery basis, this means the policy will respond to a period during which a loss is discovered and not necessarily the period when it occurred.
losses within a period of 2 years prior to date of discovery only are payable. Exclusions - Trading Losses, Negligence, Software Crimes, Dishonesty of Partners / Directors
The premium calculation is based on: Basic sum insured, Additional Sum Insured, Number of Staff, Number of branches
Jewelers Block Policy - Section I: Covers loss of or damage to property whilst in the premises insured, as a result of fire, explosion, lightning burglary, house-breaking, theft, hold-up, robbery, riot, strikes and malicious damage and terrorism.
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