Re: Fire Insurance Claim

[Raj Kumar Khetarpal]

Dear Freinds,

            As per my opinion it should be the cost incurred by the insured in renovating the loss if the policy is on reinstatement value basis ,other wise it should be on the basis of actual loss less depreciation, taking into consideration the adequacy of sum insured.

Regards,

R. K. Khetarpal
# 9810131884

On Tuesday, 24 August, 2021, 10:04:33 am IST, Rajaram Rao <raoraj...@gmail.com> wrote:

Dear Sir,

A Co-opserative Bank property insured under SFSP policy which covers Building and Furniture on Marklet Value basis.

There was a fire incident causing damage to  interiors and furniture.

The Insured has submitted a detailed estimate of loss to Building and Furniture as per the actual damages sustained.

After survey inspection the insured has modified furniture and interiors as per his requirement. The actual cost incurred for the renovation/modification of the affected property is less than the original estimate submitted for actual loss sustained.

What will be the Insurer's liability?

The actual loss sustained by the Insured  or Cost of repairs/renovation carried out?

Request for advice from Senior Surveyors.

M. Rajaram Rao.

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M.Rajaram Rao
Mangalore

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[Love Patel]

Dear Sir/s,

Greetings of the day

The Betterment factor, in both the cases, should be adjusted.

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Thanks & regards
 
*Love Patel*
(Surveyor)

HIG 91, Bharhut Nagar, Satna
Madhy pradesh, India 485001
Contact 9425172741

[hrd774]

Since the Policy is taken on Market Value basis, you don't have to check reinstatement of the damaged property. 

Please assess the loss on Market Value of the damaged property. Similarly do the valuation of entire property insured on Market Value basis to check adequacy of insurance. 

Clarify these points and your reasoning why Market Value, clearly in your Report, otherwise you'll get queries. 

Regards 

CA Haituk Desai

+91 98201 86763

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