Page 274 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

Many industrial clients maintain their own workshops
or machine shops and prefer to carry out the repairs
themselves. In these cases, the loss assessment takes
the form of having the repairs made and checking the
cost.

In these cases, the precise inventories of the parts
affected should be made in the presence of the
insured. Labour charges for repairs and cost of parts
to be replaced should be negotiated and agreed
in advance.

The damaged machineries should be carefully examined
by the surveyor, taking into account the depreciation
and betterment costs, to ascertain its precise condition
before the loss. Second hand or badly maintained
machineries have less market values than new or well
maintained ones.

For complicated machineries, components have to be
sent for repairs to manufacturers. This is really

Sashi Publications - www.sashipublications.com 287

Copyright@ The Insurance Times. 09883398055 / 09883380339