Fire Loss Calculations - Examples
Fire policy loss Calculations Examples: Fire Loss calculation - Case 1 Standard Fire and Special Peril Policy was issued to cover a manufacturing factory for the period 1-4-15 to 31-3-16. Arising out of severe cyclone on 30-9-15, insured suffered loss in respect of their Building, Plant and machinery and Stocks. Premium rate 3.00%o Details are as under (All values in Lacs} Property covered Sum insured Value of property Gross Assessed loss Building 100 90 20 Machinery 300 200 50 Stocks 480 600 160 Building is 5 years old and Rate of Depreciation @ 5% per year. Machinery is 7 years old and Rate of Depreciation @ 5% per year. Policy excess AOG Pe...