Concept of Reinstatement value in Insurance

This is the value at which the damaged property can be reinstated or replaced by a similar property, without deducting depreciation. Agreed value is also sometimes mutually agreed upon by the insured and the insurer, subject to the valuation certificate. Following are the basis on which the sum insured can be fixed:

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Sum insured in the Standard Fire Policy

Under the Fire Insurance policy the Underwriters agree that “If after payment of the premium the Property Insured described in the said Schedule or any part of such Property be destroyed or damaged by any of the perils specified hereunder during the period of

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