Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

The General Insurance Council represents the collective interests of the Non-life Insurance companies in India. The Council speaks out on issues of common interest; helps to inform and participate in discussions related to policy formation; and acts as an advocate for high standards of customer service in the insurance industry.
As per the rating pattern followed under the Petrochemical Tariff, the Fire and Explosion rate for each plant, after application of all loading and discounts, should neither be less than 65% of the basic rate nor shall it be more than 165% of the basic rate.
All industrial risks (other than risks rateable under Petrochemical Tariff) having overall Sum Insured of Rs.100 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
For flammable material classified as Class C, the flash point is above 650 C and up to 93?C.
Machinery Loss of Profit Cover is an optional cover and not a compulsory cover under the IAR policy.

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