Fire floater declaration policy is issued to take care of frequent fluctuations in stocks/stock values. The policy covers stocks at various locations under one Sum Insured. The following conditions are applicable.

• The minimum sum insured shall be Rs 2 crore.
• Monthly declarations based on a) the average of the values at risk on each day of the month or b) the highest value at risk during the month shall be submitted by the Insured latest by the last day of the succeeding month. 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 shall not be allowed under any circumstances.
• Refund of premium on adjustment based on the declarations/ cancellations shall not exceed 20% of the total premium.
• The basis of value for declaration shall be the Market Value anterior to the loss.
• It is not permissible to issue declaration policy in respect of
  • Insurance required for a short period.
  • Stocks undergoing process.
  • Stocks at Railway sidings

Unspecified locations are not allowed