insured of the hotel building is not adequate and hence
average clause is to be applied. The surveyor has further stated that
the current value ... insured is Rs. 1,13,26,135/- and by applying the average clause, the
surveyor has assessed the loss to the tune
investment was made under clause (iii) of Rule 8D (2) of the Rules. For
computing disallowance under clause (iii) the average investments at the
beginning ... with reference to the
formula prescribed. Numerical B in clause (ii) refers to average value of the
investment, income from which does not form part
surveyor assessed the loss as per average
clause and excess clause as under:
Particulars Stocks FFF Total
Sum Insured ... Loss 9,52,936.00 5,73,514.00 15,26,450.00
Assessed
Average Clause - - -
Loss after 9,52,936.00 5,73,514.00 15,26,450.00
average
above trading account, the stocks
were adequately insured, hence average clause will not apply. The
insured provided the copy of the account of the parties
Loss 120000.00
Less Excess Clause 10000.00
Net Loss Assessed 110000.00
Less Average Clause 21241.00
Net Loss Assessed 88759.00
14. Surveyor-cum-loss assessor has submitted
that the OP had not justified in resorting to the 'average clause'. The case in hand does not pertain to a resort ... average clause'. Reliance is also placed by the OP on the case of United India Insurance Company Ltd. and Ors.v. RoshanLalOil Mills
fire
incident. There is recital in affidavit that after applying
average clause and excess clause liability of insurance
company would come to Rs.39479/-(Thirty ... Company to the extent of Rs.39479/- after deducting amount
of average clause and excess clause. No reason assigned by
the insurance company
valid licence, agreement with Kolkata Port Trust and Salvage; but under which clause of the policy such deduction was made, OPs did not disclose ... survey report that the Surveyor did not recommend any deduction applying average clause. However, applying said clause, the Insurance Company deducted
Depreciated Value
18,468/-
Amount assessed after applying average Clause = 18468.5
9,234/-
Less Excess clause
10,000/-
Net Assessed Loss
Under Excess Clause
That
Depreciated Value
18,468/-
Amount assessed after applying average Clause = 18468.5
9,234/-
Less Excess clause
10,000/-
Net Assessed Loss
Under Excess Clause
That
