Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

Agreed value, is dependent on the type of property and the intention of parties to the contract subject to Valuation Certificate acceptable to the insurers. This method is resorted to in the case of obsolete machinery or heritage buildings where depreciation is not a material factor and availability of similar type of property is not possible.
Add on covers are extensions of the fire policy on payment of additional premium and granted by attachment of endorsements.
Combustion due to Fire only is the additional cover that is provided in respect of fire damage only, as a result of spontaneous combustion.
Earthquake (Fire and/or Shock) is the additional cover which is available for Earthquake Fire Only or Earthquake (Fire and Shock both).
The forest fire extension includes loss of or damage to the property insured directly caused by burning of forest, jungles and clearing of lands by fire.

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