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Declaration Policy for Fire Insurance

The stocks which are subject to market fluctuations could be covered under a declaration Policy. Under this Policy the insured gets full protection but has to pay premium on the average value of the stocks held during the period of Insurance. The minimum sum insured shall be Rs. 1 crore in one or more locations and the sum insured shall not be less than Rs. 25 lacs in at least of these locations. Necessary that the declared values should approximate to this figure at some time during the policy year. The insured will declare periodically, say daily, weekly or monthly the average of values at risk during the said period. If declarations are not received within the specified period, the full sum insured under the policy shall be deemed to have been declared. Reduction in sum insured not to be allowed under any circumstances. Refund of premium on adjustment based on the declarations/cancellations shall not exceed 50% of the total premium. The basis of value for declaration shall be the market value anterior to the loss. Policy is not for insurance required for a short period, stocks undergoing process or stocks at Railway sliding. Subject to Average Clause as applicable.

Declaration-linked basis

1. Property insurance. Policies covering stock that allow the insured to maintain a full insurance on fluctuating stock values without over-insuring. The insured selects an amount at risk and pays a deposit figure based on 75 per cent of that figure. Following a series of stock declarations the premium is adjusted up or down by up to 33% per cent at the end of the year. 2. Business interruption. The insured identifies an estimated gross profit and the policy automatically allows an increase in this figure. The premium is adjusted up or down by up to 33% per cent at the end of the year when the actual gross profit is known.

Declarations

The front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. The declarations page is also known as the information page. Often informally referred to as the “dec” or “dec page.”

Declarations page

That part of a property or liability insurance policy that discloses information pertinent to the coverage promised including names, addresses, limits, locations, term, premium, and forms. The who, what, where, and when of the policy. Often referred to as the dec page.
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Also known as the “dec” page, this is normally the first page of a property or liability policy that shows the name and address of the policyholder, the property’s location and description, the policy period, premiums charged, and endorsements attached. For business insurance the declaration page will also indicate the insured’s type of business.

Declared value

A term used in fire insurance to refer to the total cost of reinstatement as declared by the insured (see DAY ONE BASIS OF REINSTATEMENT COVER). The cost will include re-building and re-equipping, plus due allowance for professional fees, public authority requirements and debris removal.

Declination

MEDICAL,USA: Act of an insurance company’s refusal (rejection) to insure a person after evaluating the insurance application, usually for reasons of the health or occupation of the applicant.
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The act of rejecting an application for insurance.
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The insurer’s refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
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US: The insurer’s refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
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When the insurer declines an application for coverage.
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UK: A refusal by the insurer to accept a proposal for a new insurance or renew an existing policy. Refusals have to be disclosed in future applications for insurance. The right to decline at renewal does not apply to permanent contracts.
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The refusal by an insurer of a proposed insurance.
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The refusal of an insurer or reinsurer to offer terms of cover.