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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: Read more
The objective of the principle is to place the insured, as far as possible, in the same financial position after a loss, as that occupied by him, immediately before the loss. Read more
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 Read more