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?
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