chapter of intermediate insurance claim for loss of stock and loss of profit...
in this chapter for climbing the loss of stock various kinds of formula is there which means average class and without average class
could you please tell me where I should have to appropriate to apply the average class formula and without average class formula because I am confusing?? could you plse tell me
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Replies (1)
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Apply Average Clause: If Policy Value < Stock on Date of Fire (Under-insurance). Use the proportion formula.
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Without Average Clause: If {Policy Value} greater then equal to {Stock on Date of Fire} (Full/Over-insurance). The claim is simply the actual loss incurred.
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