DECLARATION POLICY #
The insured can enjoy a discount of 10% if the stock item on the policy is insured on declaration basis.
Declaration Condition #
Applies to stock and intended to give maximum cover at the same time avoid over insurance with its consequent overpayment of premium. Policy is issued for an amount estimated to represent the maximum sum likely to be at risk during the year. Provisional payment is made of 90% of the premium on the estimate sum insured. Declaration of the actual stock is required on monthly basis on agreed date or within 30 days thereafter
If declaration is not received, sum insured will be deemed to have been declared. The basis of declaration is the maximum value of risk since the last declaration. On expiry, the actual premium is calculated on the average of the declarations & refunded if due is given to the insured.. If the declared amount is greater than the sum insured, sum insured under the policy will be taken as the value declared. Insured has option of increasing the sum insured during currency of the policy at add premium
DISCOUNT #
1) Fire Extinguishing Appliances
Internal Appliances – 2.5%
External Appliances –
Mobile Power-driven pumps – 7.5%
Hydrants – 7.5%
Maximum Allowable – 15%
2) Long Term Agreement :
3years – 5%
5years – 7.5%
