Page 246 - Fire Insurance Ebook IC 57
P. 246
Fire and Consequential Loss Insurance
the indemnity id based on the contract price.
f. Household goods and personal effects - These terms
describe all articles normally found in a household. They
include furniture, cooking utensils, domestic appliances,
televisions etc. The term personal effects means
apparels, books, etc.
General practice is to indemnify these goods as cost of
replacement less deduction for depreciation, since these
goods are generally available in the market. If such
property is damaged, then cost of repair less deduction
for betterment id forms the basis of indemnity.
The fixation of these items is difficult and delicate task
for the surveyors, as most of the insured do not have
proof of purchases of these goods in the form of bills,
vouchers, invoices etc and mostly they do not agree to
the surveyor's assessed values.
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