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Fire Insurance

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(Querist)
20 November 2008 Weather Fire insurance policy should be based on WDV of plant and machinery or reinstate cost of plant and machinery?

Clarify with justification?
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
20 November 2008 It is based on the book value of the asset.
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Raman R

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Raman R (Expert)
20 November 2008 The insurance should be taken on reinstatement value. This is for the reason that the value of the insured asset may be higher due to lapse of time between the acquisition date and the date of occurrence of the damage, if any. If the property is under insured, then the claim may be proportionately reduced.

Regards,

R. Raman
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