Market Value Policies - In the event of a loss, the insurer would normally pay the market value [which is the depreciated value]
Reinstatement Value Policies - Under Reinstatement Value Policy however, the insurers would pay cost of replacement of the damaged property by new property of the same kind. Issued for covering buildings, plant, machinery and furniture, fixture, fittings.
Declaration policy - Stocks stored in warehouse can be covered. As such stocks are subject to fluctuation in quantity the sum insured should be the highest value that is expected to be stored in the godown during the period of policy. insured has to decla
Floater Policies may be issued for stocks of goods which are stored at various specified locations under one sum insured. also called fire floater policies as the sum insured floats over multiple locations
Consequential Loss (CL) Policy [Business Interruption (BI)] - It provides indemnity for loss of what is termed as gross profit ? which includes Net Profit plus Standing Charges along with the increased cost of working incurred by the insured to get the bu
MODELEXAM® 
www.realsoftinfoplan.com