When the agreed value option is used, the coinsurance requirement is removed and the insurer agrees to cover losses for its agreed value. As an example: The insured has property insured for $100,000 and the agreed value is also $100,000. If a loss occurs, any loss up to $100,000 is covered 100%. When this option is used, the insured and the insurance company agree on the value of the property before the policy is issued. This option is usually assigned to one-of-a-kind property. Back to list of terms.
The probate value as formally agreed by the Capital Taxes Office where inheritance tax is payable
Under this clause, the insured and the insurer agree upon a value that will be paid by the insurer in the event of a total loss. There is no depreciation deduction.
If you have added lots of accessories or done major modifications you may wish to have the insured value of you vehicle reflect it's truth worth. Many insurance comapnies will agree on a particular value but expect to pay a higher premium.
Relating to an agreement by an insurer to pay a specified amount of money to or on behalf of the insured upon occurrence of a defined loss.
Written with property insurance policies. It waives the Coinsurance clause and requires the insured to carry insurance equal to at least 80% of a signed statement of values filed with the company.
An amount guaranteed to you in writing that you will receive under a collector car insurance policy is stolen or totaled during the policy period. Usually you will receive the agreed amount or the cost to repair the covered auto, not to exceed the agreed amount.
The formal worth of a property as settled by an agent and the customer at the beginning of the policy.
The amount the insurer agrees to insure your vehicle for. This amount is normally shown on your current certificate of insurance. Insurers normally request that you notify them if you want to include any accessory that is not supplied as standard equipment.
Under a Chubb Masterpiece® policy, Chubb and the policyholder can agree on a value of a vehicle and lock it in for a full year. That's the exact amount the insured receives if the vehicle is stolen or totally destroyed in a covered loss. All-risk Coverage Coverage by an insurance contract that promises to cover losses covered by any peril except those specifically excluded in the policy.
the sum to be paid in the event of a total loss under a valued policy.
