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What is Fire Insurance Claim Procedures Explained about?

1. A fire at a business can destroy assets like buildings, machinery, stock records, etc. and disrupt operations. To mitigate risks, businessmen take out fire insurance policies. To file an insurance claim after a fire, the value of lost stock must be determined. 2. If records are intact, lost stock is simply calculated as stock on hand on the date of fire minus any salvage. If records are also destroyed, a memorandum trading account from the last financial statements to the date of fire is prepared to es

Author

Firdose

Language

EN