Definition of "Full reporting clause"
Henry Lemons, Real Estate Agent
Watson Realty Corp. Clermont
Provision in commercial property coverage under which an insured must report the value of an insured property at periodic intervals in order to preserve coverage up to values reported. In essence, this clause requires the insured to maintain total insurance to the value of the property, or 100% coinsurance. If the insured maintains less than the 100% requirement and a loss takes place, only a portion of that loss will be paid.
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