Posts Tagged ‘Basis of Indemnity’

Basis of Indemnity

The policy wording will incorporate a definition of Indemnity under the title “Basis of Indemnity”.  The way indemnity is calculated will vary depending upon what is insured. For example:   Buildings   The normal basis for buildings is the cost of repair or reinstatement. Adjustment may be necessary to compensate for “betterment”. This betterment can arise in two ways:   Full story
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