Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

The three main factors in the consideration of exposure hazard are: i. Constructional features, ii. Distance from other buildings and, iii. Conditions existing between buildings.
A single storey building having ground floor only is known as a shed structure and a storied building is inferior to a shed structure from hazards point of view.
The greater the size of the building, the greater will be the fire hazard. Further there is more value at risk in a large building than in a small one. Because of the large size, it is more difficult to locate and fight an outbreak of fire.
A manufacturing risk is deemed to be silent when it is not used for manufacturing and storage purposes. A lower rate of premium is charged for the silent period.
In case of hazards arising from goods, goods are classified into hazardous and extra-hazardous based on following features: i. Ease of ignition, ii. Speed and intensity of burning, iii. Method of packing, iv. Explosion, v. Contamination, vi. Interaction with other materials, vii. Toxicity, viii. Difficulty of fire extinguishment

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