Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

In no case shall a surveyor take more than six months from the date of his appointment to furnish his report.
In a claim settlement, in case of delay in the payment, the insurer shall be liable to pay interest at a rate which is 2% above the bank rate prevalent at the beginning of the financial year in which the claim is reviewed by it.
If the loss could be attributed to a third party, the surveyor should indicate the possibilities of recovery from the third party under subrogation proceedings.
Turnover is defined in the Loss of Profit Policy as 'the money paid or payable to the insured for goods sold and delivered and for services rendered in the course of the business at the premises.
Fire insurance affords cover for 'material damage'. The object of loss of profits insurance is to make good some of trading losses suffered due to total or partial stoppage of business due to a fire.

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