could someone explain me what is the maksimum franchise and excess percentage acceptable on a insurance doc.
since minumum insured amount must be % 110 and if the deductable amount is more (suppose % 15)how the insured will get the goods amount in case of compensation.
franchise and excess
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edilee
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picant
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Franchise and excess
Hi Pal,
Just to give a little answer. Franchise and excess, the amount held by insurance company when reimbursing a damage is listed by the insurance company in an annex to the insurance contract. I have an old copy in which franchise is indicated in 5/10 % depending on the commodity, and if referred to average or particular average.
10 % in plus of the goods value is normally insured to cover the lost profit; costs of the buyer to manage the trade, etc.
Other comments appreciated
Ciao
Just to give a little answer. Franchise and excess, the amount held by insurance company when reimbursing a damage is listed by the insurance company in an annex to the insurance contract. I have an old copy in which franchise is indicated in 5/10 % depending on the commodity, and if referred to average or particular average.
10 % in plus of the goods value is normally insured to cover the lost profit; costs of the buyer to manage the trade, etc.
Other comments appreciated
Ciao