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The godown of K LTD. was engulfed in fire on 31st May, 2015 as a result of which a part of stock burnt to ashes.
The godown of K LTD. was engulfed in fire on 31st May, 2015 as a result of which a part of stock burnt to ashes. The stock was covered by Fire Policy for `2,00,000 subject to Average Clause. The records of the company revealed the following particulars.Actual Value of Stock as on 31.05.2015 : ` 4,00,000 The Value of Salvaged Stock : ` 90,000 You are required to ascertain the amount of claim to be lodged with the Insurance Company.
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