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Insurance claims for loss of stock
Accountancy
Sir , If insured amt is less than insurable amt which means it is under insured and hence we have to apply average clause. but in this they r considering insurable amt as insurance claim even though it is under insured
Answers (1)
For calculating under insurance, we compare insured amount with insurable amount (not with actual loss). Here, insurable amount is missing, we are not given its details. So can't say whether average clause will be applicable or not. But yes, since loss amount is more than insurance cover, we can say claim shall be maximum upto 4.8L
