Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

Spoilage material Damage Clause extends cover to material damage by perils causing spoilage to loss of stock in process.
Declaration policy cannot be issued in respect of: Insurance required for a short period, Stocks undergoing process and Stocks at Railway sidings.
Declaration policy can be issued for stocks which are subject to frequent fluctuations in value, or in quantity.
The term 'Fire Hazards' refers to not only the causes of fires (sometimes called originating or inception risk but also those circumstances which increase the probability of a fire occurring, or which enable fires to spread and increase the loss (contributory risk). Often, the contributory risk is more important than the originating risk.
Fire load is defined as the quantity of heat liberated, per unit of floor area, when a building and its contents are completely burnt.

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam