Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

The sum insured is to be computed from the insured?s accounts e.g., Trading and Profit and Loss accounts.
The proviso clause says that the Insured must maintain a material damage fire policy and claim under C. L. Policy will be paid only if the material damage claim is paid or payable.
The Schedule provides for incorporation of the particulars of the individual contract.
Specification is an important part of the Policy, and provides for definitions, formula for ascertaining the liability for any loss etc.
The 'Adjustment Clause', is bracketed against the rate of gross profit, annual turnover and standard turnover, all of which are the essential factors in calculating the loss.

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