Page 276 - Fire Insurance Ebook IC 57

Fire and Consequential Loss Insurance

the light of his experience and expertise.

Certain properties like works of art, pictures etc may
be difficult to value and if they are damaged, it is
impossible to restore them to its original condition. On
such cases, the surveyor takes expert opinion and the
loss is assessed on the basis of negotiation.

d. Stock and Merchandise - The physical indications of
the stock, both damaged and undamaged help the
surveyor to determine the values. A comprehensive
inventory of the salvage according to the several
varieties of stock is necessary.

From the examination of the salvage and the entire
premises and the places of storage or display, the
surveyor determines the probable quantities of stock that
existed prior to the loss.

If the stock is totally destroyed, then he has to rely on
the books of account and other records and their values
become the basis of adjustment. If the stock destroyed

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