Whether Kutcha Construction will attract Depreciation under RIV fire policy? (Fire)
A poly or green house is made of plastic sheets whose cost is 8-10% of the total cost of the poly house. A fire policy is issued on RIV basis to a Poly or green house. Generally during storm the sheet is torn off. While assessing the loss the Surveyor applies the depreciation on the plea that Kutcha construction will attract depreciation as it has limited life. Nowhere, it is mentioned in the policy, therefore, the depreciation is not applicable.