What is an average clause in a fire insurance policy?
Whenever a sum Insured is declared to be subject to the special condition of average, then, if such sum insured shall be at the breaking out of any fire or at the commencement of any destruction of or damage to the property by any other peril hereby insured against, be less than 85 % of the value of the property ...
How is average clause calculated?
c) Average Policy: Many a times, the applicant prefers the insured amount to be less than the value of the property. In such cases, the insurance company imposes the average clause to penalise the insured for taking up a policy less than the value of the property.
Why average clause is included in fire claims?
Average clauses appear in insurance policies of all types of asset. So, for example, you are insuring your house and you tell the insurer its value, which forms the sum insured under the policy. The premium is based on the declared value and will be lower than what it should be if the true value was given.
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Fire Insurance Introduction - Utkal University utkaluniversity ac in/wp-content/uploads/2022/08/Fire-Insurance pdf 'Average clause' is a clause by which the insured is called upon to bear a portion of the loss himself The main object of the clause is to check under-
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