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Prepare the claim to be submitted to the insurance company

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Question - On 31st May, 2016 a fire damaged the premises of AMX, and the business of the company was disorganized until 31st August, 2016. The firm is insured under a loss of profit policy for USD. 220,000 with six month's period of indemnity. The firm's accounts for the financial year ended 31st March, 2016 showed a turnover of USD 1,450,000 with net profit of USD. 170,000; the standing charges covered under insurance and debited in the accounts amounted to USD. 450,000. The turnover for the twelve months ended 31st May, 2016 was USD. 1,570,000; during the period of dislocation, it was USD. 170,000, whereas during the corresponding period in the preceding year it was USD. 350,000. A sum of USD. 54,800 was spent to reduce the effect of the loss, but there was no saving of standing charges as the result of fire. Prepare the claim to be submitted to the insurance company.

Reference no: EM132947960

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