IC 11 - Practice of General Insurance Exam Study Notes

Deterioration of Stock Policy - suitable for the owner of the cold storage (individual or a cooperative society) or those who take the cold storage on lease or hire for storage of perishable commodities
Electronic Equipment Policy - is available to the owner, lessor or hirer, depending upon the responsibility or liability in each case. It has usually three sections that cover various types of losses.Section 1: Loss and damage to equipment. Section 2: Loss and damage to external data media like computer external hard disks. Section 3: Increased cost of working - to ensure continued data processing on substitute equipment upto 12, 26, 40 or 52 weeks
Advance Loss of Profit Cover (ALOP) or Delay in Start-up Policy (DSU) - covers financial consequences of a project being delayed because of accidental damages during the project
Industrial all risks insurance provides indemnification against material damage and business interruption
This is a package cover designed for industrial risks (both manufacturing and storage facilities) with an overall sum assured of Rs.100 crores and above. Under insurance of upto 15% is permitted. Now Insurers decide the minimum sum assured.

Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points