Page 227 - Fire Insurance Ebook IC 57

The Insurance Times

intrinsic value excluding any sentimental value
(d) depreciation or betterment (e) Prospective
profit or other consequential and indirect losses
are excluded.
(ii) The sum insured under the policy for the affected
item. Under valued policies on works of art, curios
etc are valued based on valuation certificate and
stated in the policy is taken into account. Under
ReinstatementValuepolicies, new replacement value
is taken into account. Under policies subject to
Contract Price clause, the liability is determined with
reference to the price mentioned in the contract sale.

h. Main limitation in extent of indemnity - The extent
of indemnity is limited to :
(i) the value of the subject matter of the insurance
affected. The value is calculated taking into account
the following factors :
(a) the value at the time of loss
(b) value at the place of loss
(c) the real or intrinsic value excluding any sentimental
value

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 240

Copyright@ The Insurance Times. 09883398055 / 09883380339