Either of two alternative provisions in property Insurance policies defining valuation procedure for damaged merchandise. The first clause defines the insurable value of merchandise which has been sold but not delivered as its selling price less any charges not incurred. The second clause, applicable only to goods still in possession of the manufacturer that produced them, defines insurable value as the value of such goods at the net price at which they could have been sold instead of the cost to reproduce them.Sending by Post, Transit Insurance : The cover is usually given on all risks terms by ITC-A or ICC-A with the corresponding strikes and SRCC cover. The Policy however will have to be suitably amended by including therein the following clauses and warranty:
“Warranted that the subject matter insured in the parcel is insured with the post office for a minimum amount of INR__________.”
Duration: This insurance attaches from the time the subject matter insured is registered at the post office at the place named in the policy and continues until it is delivered to the addressee or his representative at the destination named I the policy or until the expiry of 15 days counting from the midnight of that day on which the notice of arrival of the subject matter insured was given to the addressee by the Post Office at destination, whichever shall first occur.
In case of loss, claim in writing must be immediately filed against the postal authorities, and a copy thereof and reply thereto must accompany any claim presented under the policy. In case of loss Post office receipt will be required as proof in case of a claim for non-delivery. No clam if proved to be due to incorrect/ambiguous/insufficient address or for loss/damage resulting from any disposal by the postal authorities by reason of the interest having become undelivered to or having been unaccepted by the addressee. No claim for loss of contents from packages delivered with seals intact.