In consideration of additional premium the policy may be extended to cover risks of (a) physical loss of oil/chemicals by leakage from its container by accidental means and all accidental contaminations by contact with foreign matter, subject to exclusions specified or (b) physical loss of oil/chemical by leakage from its container by accidental means subject to exclusions specified. Extension applies to oils and chemicals and not to any other commodity. Cover commences only on or after the receipt of subject matter in lands tanks. In case of loss the basis of adjustment shall be the market value at the time and place of loss. In case of earthquake shock 72 hours clause for calculation of loss by single earthquake shall apply. Each claim for loss or damage shall be adjusted separately subject to an excess of 1% of ach tank with a minimum of Rs. 60,000 for each loss.

A contract between an owner of real estate and the tenant which states the considerations and conditions upon which the tenant may occupy and use the property, as well as the responsibilities of both owner and tenant. If for a period of over one year, to be legally enforceable, the lease must be in Writing.

A worker leased from another organization on a long-term basis.

A property held under tenure of lease. A property consisting of right of use and occupancy of real property by virtue of lease agreement.

Value of rights given by a favorable lease, determined by finding the difference between the rental value of the property at current rates and the rent payable under the terms of the lease. This amount is multiplied times the remaining term of the lease.

the insurable interest is that of a tenant who has some years remaining under a favorable lease that is subject to termination upon significant damage to the leased property.

A form of commercial property coverage. If a lease is broken due to property damage stemming from a peril specified in the contract, the difference between the amount of rent paid and the total rental value is paid for the term of the lease.

The loss to a tenant, in case a building is damaged, or a valuable lese under which the rental value exceeds the rent.

Consequential property insurance in which the value of a lease is lost because of the occurrence of an insured-peril loss.

Property insurance form that covers the loss of lease income due to damage to the property caused by an insured peril.