University of Ghana has a large Archaeology Department and therefore it has a significant number of valuable pieces of scientific equipment, which are covered under a commercial all risks insurance policy.
a. Explain the cover provided by a commercial all risks insurance policy. [5 marks]
b. List five exclusions which apply to a standard fire and Specified (Allied) perils policy. [5 marks]
c. The Archaeology Department of University of Ghana has a number of rare artifacts which are insured on an â€˜agreed valueâ€™ basis. State what you understand by this term and what the insurance implications are. [5 marks]
d. In respect of contents at the premises, the insured has asked if it is possible to remove the term â€œforcible and violent entry to or exit from the premisesâ€™ from the theft peril. Discuss the feasibility of such a request. [5 marks]
e. The owners of Accra Mall have approached Rexton Insurance Company Limited for a Fire and Allied Perils insurance policy for the mall. As a fire insurance underwriter with Rexton Insurance Company, outline five perils which are insurable under this policy.