What is the basis of claim settlement?
In the event of damage to property insured by insured perils during the currency of the Policy, claim settlement will be carried out as explained below:-
1. Reinstatement Value Basis
In the event of damage to property insured, We will indemnify Insured by payment or at Our option by repair, replacement or reinstatement by paying the full cost of repair or replacement to a condition equal to but not better or more extensive than its condition when new, provided that such cost has been incurred.
2. Market Value Basis
In the event of Loss/ Damage to property insured, if Insured does not opt to repair, replace or reinstate the property and the cost has not been incurred, We will indemnify the Insured by payment of Market Value i.e. the replacement value of insured property or item as new at the time of Loss/ Damage less due allowance for betterment, wear and tear and/or depreciation..
However, if the reinstatement of a building is not carried out for the reasons beyond the Insured’s control and he/she opts to abandon the damaged property to IFFCO-Tokio including all the rights with respect to ownership of the property, then IFFCO-Tokio will pay you the realizable market value on the basis of amount mentioned in the valuation report of a Government approved valuer based on authentic sources or the Sum Insured mentioned in the policy, whichever is lower, provided that the indemnity is not sacrificed.
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