Dessert House owns a 2-year-old coating machine, which has an estimated useful life for 6 years. For insurance protection, the coating machine was specially insured under an Industrial All Risks insurance policy purchased by Dessert House. Last Saturday, the coating machine was totally damaged by flooded water during the passage of a severe rainstorm. At the time of loss, the replacement cost of a similar coating machine was around $75,000. Suppose that the sum insured under the Industrial All Risks insurance policy Dessert House purchased was adequate to cover the risk. Further, the Industrial All Risks insurance policy is subject to the following deductible clauses: - $5,000 for water damage loss; and - $3,000 for any other loss. i. Based on the' actual cash value' principle, how much of the claim payment will Dessert House receive from the insurance company? 4 marks ii. How much will Dessert House receive as claim payment from the insurance company if the insurance is arranged on a 'new for old' basis? Dessert House owns a 2-year-old coating machine, which has an estimated useful life for 6 years. For insurance protection, the coating machine was specially insured under an Industrial All Risks insurance policy purchased by Dessert House. Last Saturday, the coating machine was totally damaged by flooded water during the passage of a severe rainstorm. At the time of loss, the replacement cost of a similar coating machine was around $75,000. Suppose that the sum insured under the Industrial All Risks insurance policy Dessert House purchased was adequate to cover the risk. Further, the Industrial All Risks insurance policy is subject to the following deductible clauses: - $5,000 for water damage loss; and - $3,000 for any other loss. i. Based on the' actual cash value' principle, how much of the claim payment will Dessert House receive from the insurance company? 4 marks ii. How much will Dessert House receive as claim payment from the insurance company if the insurance is arranged on a 'new for old' basis