What is 'average' as applicable to fire insurance? Lux Mall has purchased a fire insurance coverage for its stock-in-trade at a sum insured for $10 million. Last Sunday, a fire broke out at Lux Mall causing a total loss of its stock. However, the insurance company determined that the value at risk was actually $12 million at the time of loss. What are the claims payable to Lux Mall respectively under these three methods: 90% Australian term pro rata average; 80% American term co-insurance and pro rata average clause in UK in regards of the following two separate losses? i. $8,000,000 ii. $450,000 Show all your calculations.