Agreed value is also referred to as agreed amount. The agreed value endorsem*nt in a property insurance policy waives the coinsurance clause.
By FC&S Editors | January 10, 2018 at 12:30 AM
Analysis brought to you by the experts atFC&S Online, the unquestioned authority on insurance coverage interpretation and analysis for the P&C industry. To find out more — or to have YOUR coverage question answered — visitthe National Underwriter website,or contact the editors via Twitter:@FCSbulletins.
Question:After the Hurricane Maria loss, I have seen many insured, brokers or agents that have signed the Agreed Value Statement of Values and after inspection of building or books the sum insured seems to be inadequate. Is there any way that the coinsurance clause can be applied after the loss?
In the event a policy has an agreed amount for a building, let's say it's $100,000 and a wind deductible of 2% but the property is valued at $150,000: Does the deductible apply over the $100,000 or the $150,000?
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account?Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Requestacademic re-use fromwww.copyright.com.All other uses, submit a request to[emailprotected].For more information visitAsset & Logo Licensing.
Events
Insurance
Complex Claims & Litigation Forum 2025February 24, 2025 - Las Vegas
This conference aims to help insurers and litigators better manage complex claims and litigation.
More Information- GlobeSt. Multifamily Fall 2024
October 15, 2024 - Los Angeles
Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information - Credit Union Times Luminaries Awards 2024
November 07, 2024 - Orlando
This event shines a spotlight on the individuals, teams, projects and organizations that are changing the financial industry.
More Information