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Prerequisites to
2) Proof of loss – according to best evidence recovery:
obtainable. Delay may also be waived expressly or FIRE
impliedly by the insurer (Hostile Fire)
LIGHTNING
Usually covered
2) Valued policy: the parties are bound by the EARTHQUAKE by a separate
valuation, in the absence of fraud or mistake policy
Measure of
Indemnity
RISKS OR LOSSES
If wind of such
COVERED WINDSTORM force as to
cause damage
OTHER ALLIED
It is a clause requiring the insured to maintain
RISKS
insurance to an amount equal to the value or
specified percentage of the value of the insured
Co-insurance
property under penalty of becoming co-insurer to 1. Physical damage
clause
the extent of such deficiency. It divides the potential caused to other
risk between the insured and the insurer in case of property.
INDIRECT LOSSES
partial loss or destruction of the insured property. 2. Loss of Earnings to
(With the
interruption of
attachment of a
business by damage to
consequential
insured’s property.
loss form)
FIRE 3. Extra expense or
INSURANCE additional
expenditure.
Express warranties on the
use and condition of the WARRANTY
property insured
HOSTILE FIRE INSURER IS
LIABLE
LIABILITY OF
INSURER
INSURER IS NOT
FRIENDLY FIRE
LIABLE
1. War and other related risks
ALTERATION AS
A SPECIAL
2. Intentional acts causing GROUND FOR
the fire insured against RESCISSION BY 3. The alteration is made without
INSURER the consent of the insurer;