Page 317 - Fire Insurance Ebook IC 57
P. 317
The Insurance Times
The annual turnover also require adjustment, so
that while calculating the insurable amount on
gross profit for average purpose, the correct
figure will be produced. The standard turnover
also has to be similarly adjusted.
Q5. What losses are not payable under
consequential loss insurance policies.
Ans. The following types of consequential losses are not
covered by the policy :
(i) Under-insurance against property damage under fire
policies.
(ii) The difference between value of stock at the time of
the fire and at the time of subsequent replacement.
(iii) Depreciation of undamaged stock after fire.
(iv) Cost of preparation of fire and consequential loss
claims.
(v) Litigation costs connected with fire or consequential
loss claims.
(vi) Third Party claims.
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