From the following information find out fire insurance claim. Value of Stock on the date of fire Rs200000, Policy amount Rs 150000, Goods saved from fire Rs50000.
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Claim = Loss Suffered x Insured Value/Total Cost. The object of such an Average Clause is to limit the liability of the Insurance Company.
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The Company had the practice of valuing stock at cost less 5%.
The value of fire insurance taken was for Rs 2, 15,000. ...
The policy was subject to average clause.
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