Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

The standard fire policy covers only Fire, Lightning and Limited Explosion.
All Risks' Policy: This policy specifies the exclusions. All other perils are generally covered.
Fixation of Sum Insured: Buildings, machinery, accessories, furniture, fixture, fittings and electrical installation are advised to be covered on the reinstatement value basis. The other clauses that are available are: i. Escalation Clause; ii. Local Authorities Clause; iii. Cost of Erection; iv. Architects /Surveyors fees? Clause
Combined Policies: It is a single contract policy utilising one proposal. Whilst, however, it is written as one contract, each section or class of insurance is underwritten and rated separately and will contain its own conditions, terms, exclusions and warranties.
Package Policies: This will incorporate the following covers: i. fire material damage; ii. consequential loss; iii. theft, money, glass; iv. goods in transit; v. employers? liability; vi. public/products liability; vii. fidelity insurance (occasional);

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