Stated Amount Endorsement
Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard descriptions and, instead of declining, retains its value. For example, a classic Austin Healey 3000 Mark IV might be covered by this type of endorsement to a personal automobile policy (PAP).
Popular Insurance Terms
Provision in property insurance that waives, under specified circumstances, the requirement for an inventory of undamaged property when a damage claim is filed. A coinsurance clause in a ...
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Stipulation that no claim will be paid until a loss exceeds a flat dollar amount or a given percentage of the amount of insurance in force. After the loss exceeds this dollar amount or ...
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