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Assessing Losses Caused by Vandalism

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Assessing Losses Caused by Vandalism

"The rents for houses in the city area are too high," said Ramesh Chatterji to his friend Vinod Mehra. To avoid paying high rent, Chatterji had taken a house almost on the outskirts of the city. "How is the rent for the house in which you are presently residing?" asked his friend Mehra. "There is hardly any difference from what is charged in the city area. Even though it is little less than the rent charged in the city, it is compensated by the amount of money spent on commuting," said Chatterji. Chatterji was working as a senior financial analyst at Badla Finance Consultancy, situated in Navi Mumbai. The company was flying high on its recent achievements. The organization had recently helped a leading private commercial bank recover from a financial disaster. The bank was able to recover by implementing the suggestions given by the team at Badla Finance Consultancy.

Chatterji was a part of the team involved in developing a solution for the bank. Due to his valuable contribution to the team, he was recently promoted as senior financial analyst.

"Considering the rent I am to pay, I feel that it is high time I built a house of my own," said Chatterji. "I will obviously agree with you as you are a financial consultant and would be sure to know what is best for you," said Mehra.

A few months after this conversation, Chatterji began constructing his house. Though he faced a lot of hardship in the process, he was happy with the outcome. On an auspicious day, he arranged the Gruhapravesam ceremony and invited all his near and dear ones for the function.

The function went well. At the end of the function, Mehra called Chatterji aside and asked him whether he had insured the house. "I realize that this is not the right time to discuss insurance, but I feel that you should insure your house against possible losses," said Mehra. "Yes, you are right, Vinod," replied Chatterji.

"The same thought had occurred to me some time back. But, to tell you the truth, I could not spare the time to go and talk to the insurance people and get my house insured," continued Chatterji. "But better late than never," said Mehra. Chatterji agreed and said he would get his house insured soon. After a few days, Chatterji got his house insured against losses. He was happy that he was now able to save on rent. His good days were, however, short-lived. One day, disaster struck and his house was completely destroyed in communal riots.

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