III IC-57 case studies
III IC-57 · Put your knowledge to work in context.
IC-57 Fire and Consequential Loss Insurance is a professional examination paper offered under the Insurance Institute of India's professional examination stream, alongside subjects such as IC-58 Fire Insurance Coverage and the marine and liability papers. The Institute lists IC-57 study material in both English and Hindi editions, labelled IC-57 - Fire and Consequential loss Insurance (E) and (H), so candidates can prepare in either language. The III IC-57 case studies are 5 cases and about 2,810 words.
1Reinstatement Value Policy: Capital Additions, Average and the Undeclared Line
A pharmaceutical manufacturer in Ahmedabad insures plant and machinery under a Standard Fire and Special Perils policy on a reinstatement value basis. The sum insured is ₹10.00 crore.
555 words, about 3 min2Declaration Policy: Monthly Declarations, Peak Stock and the July Fire
A wholesale distributor of electronic goods insures stock under a declaration policy with a sum insured of ₹5.00 crore, being the peak level contemplated, and pays a provisional premium. The policy requires the insured to declare the actual value of stock by the 15th of the following month; premium is adjusted at expiry on the average of the declarations, subject to a minimum of 50% of the provisional premium.
540 words, about 3 min3Consequential Loss: Increased Cost of Working versus Saved Standing Charges
A packaged-food manufacturer suffers a fire at its only plant. The fire policy pays for the physical damage.
601 words, about 3 min4Consequential Loss: Fire at a Key Supplier's Plant
A car assembler has a consequential loss policy covering loss of profit following fire at its own premises. Its only supplier of a critical wiring harness suffers a fire and cannot supply for 10 weeks.
527 words, about 3 min5Fire Policy: Short Circuit, Ensuing Fire and the Electrical Apparatus Exclusion
A textile mill has a Standard Fire and Special Perils policy. A short circuit in a distribution board starts a fire that destroys the board, adjacent cables and a large quantity of cotton yarn.
587 words, about 3 min