Page 242 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

c. Furniture, fixtures and fittings - These may include
any of the following : (i) Furniture, tables, chairs, desks,
cabinets, sofas etc. (ii) Counters, showcases etc. (iii)
Mechanical fixtures, scales, lighting fixtures, fans,
air conditioning systems etc. (iv) Furnishing ,
draperies, venetian blinds, carpets etc. (v)
Typewriters, calculators and other business
machines, etc.

The list is representative and by no means exhaustive.
The indemnity provided is replacement cost less
depreciation. Damage claims are settled by paying repair
costs with an allowance for betterment.

c. Stock in trade - Stock-in-trade refers to the
merchandise held for sale ( or intended for sale) in retail
shops, wholesale establishments, factories, or even
warehouses and godowns.

Stock in trade in the hands of the retailer or wholesaler

can be purchased from the wholesaler or

manufacturer respectively. Thus, market value at the

time and place of the loss can provide indemnity. The

Sashi Publications - www.sashipublications.com 255

Copyright@ The Insurance Times. 09883398055 / 09883380339