Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

As per the ?departmental clause?, if the business is conducted in separate divisions or departments, and the trading results of each division are separately maintained, then the loss can be calculated, as per the specification, separately for each department affected by the damage.
Notice shall be given to the company and if required, an additional premium paid, if the rate of premium payable under the policy is increased (Condition 2)
No claim is payable or any 'on-account' payment shall be paid, if the terms of this condition are not complied with (Condition 3)
Condition 5 provides that the policy and the schedule shall be read together as one contract and Condition 6 excludes war and kindred perils.
?Salaries to permanent staff? will be included under standing charges.

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