Section 20 in Gauhati University Loans and Advances Rules, 1959
20.
The houses built with the aid of an advance from the University must be insured with an Insurance Company to be approved by the Executive Council against full loss by fire and the policies must be pledged in favour of the Gauhati University. The value covered by the insurance shall be less than the amount of the advance and interest accruing thereon outstanding at the time.Such insurance would be effected within two months of drawing the last instalment and the employee shall be required to submit to the Treasurer a letter in prescribed form to the Insurance Company with which the houses are insured to notify to them the fact that the Gauhati University is interested in the policy secured. The Treasurer will then forward the letter to the Company and obtain their acknowledgement.
