Therefore the “sum insured” should be fixed with complete knowledge.
i.e. providing valuation of fixed assets to arrive at the “correct sum Insured”
INSURANCE ADVISORY SERVICES
Valuation for Reinstatement Value
Valuation is an art and science of estimating the value for a specific purpose of particular interest in the property at a particular moment in time taking into account all features of the property and considering all factors of the market.