Fire Insurance
This query is : Resolved
20 November 2008
Weather Fire insurance policy should be based on WDV of plant and machinery or reinstate cost of plant and machinery?
Clarify with justification?
Clarify with justification?
CA.ViVeK M ACA
(Expert)
20 November 2008
It is based on the book value of the asset.
20 November 2008
The insurance should be taken on reinstatement value. This is for the reason that the value of the insured asset may be higher due to lapse of time between the acquisition date and the date of occurrence of the damage, if any. If the property is under insured, then the claim may be proportionately reduced.
Regards,
R. Raman
Regards,
R. Raman
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