Page 93 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

assessment is also carried out strictly in conformity with the policy conditions

relevant to the subject - viz., basis of indemnity and valuation stated in the particular

policy.

BASIS OF INDEMNITY :

Fire Policy

Engineering Policies

Baggage Insurance Policies

BASIS OF VALUATION :

Valuation is done to

i) find out the monetary value of the loss /damage suffered and

ii) to ascertain adequacy of thee sum insured (wherever average clause is

incorporated in the policy) for the purpose of valuation, the set of policies in

the market can broadly be grouped thus

i) Valued Policies,

ii) Market Value Policies and

iii) Reinstatement Policies

SEGREGATION/INVENTORY VERIFICATION:

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