how will insurance claim be calculated in case
1.stock on the day of 🔥 was 440k
2. insurance policy amount 200000
3. salvage value 50000
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Insurance claim
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if insurance policy with out average clause, amount of claim is up to the value of policy i.e. 2,00,000.
if policy with average clause, amount of claim is RS. 1, 77,283. (3,90,000 x 2,00,000/ 4,40,000)
if policy with average clause, amount of claim is RS. 1, 77,283. (3,90,000 x 2,00,000/ 4,40,000)
What if the insurance policy amount greater than the Value of stock lost?
we can recover total loss of stock by fire. i.e. 3,90,000
what if we incurred 🔥 fighting expenses
if policy covers fire fighting expenditure, insurance company will pay fire fighting exp also.
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