Wholesalers & Retailers - articlebase
The indemnity represents the cost at the time of loss of replacing the stock
, together with transport and handling costs. Even though the insured may have already arranged a resale of the goods which were destroyed, he is not entided to an indemnity reflecting the price that he would have obtained for them, since he would effectively be recovering profits, unless perhaps he has already arranged a specific sub-sale {Re R. & i Hall & Co. 's Arbitration [1928] All ER 763). He will normally be entitled to an indemnity to reflect the cost of purchasing replacement goods.An exception to this principle is possible if the policy contains a "contract price clause", which may be as follows:
"It is thereby agreed and declared that in respect only of goods sold but not delivered for which the Insured is responsible and with regard to which under the conditions of the sale the sale contract is by reason of the fire cancelled, either wholly or to the extent of the loss for damage, the liability of the Company shall be based upon the contract price, and for the purpose of average being (a) the value of all goods to which this clause would in the event of loss or damage be applicable shall be ascertained on the same basis."
Claims
Insurers will only be liable for payment if goods have been "finished" and property in those goods has passed to the purchaser, but delivery has not been effected as a result of the incident giving rise to the loss or damage. In the absence of any specific contractual conditions between the insured and purchaser, then reference must be made to the Sale of Goods Act 1979 to specify when property passes.
Wholesalers & Retailers - articlebase
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