Fundamentos de Seguro de PropiedadPregunta 281 de 531
Property written on a stated amount basis is settled at a covered total loss by paying:
a.The stated amount plus the accrued inflation guard
b.The stated amount, whatever the property is worth
c.The replacement cost with no depreciation taken
d.The least of stated amount, value or repair cost
Explicación
A stated amount is a ceiling the insured declares for hard-to-value property, and settlement is the smallest of that figure, the property's value at the time of loss, and what it costs to repair or replace the item. That is what separates it from agreed value, where the figure the insurer accepted is binding. Reading a stated amount as a guaranteed payout is the common misunderstanding, and it leaves an insured paying premium on a number no claim will ever produce.
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Preguntas relacionadas de este tema
- A blanket limit of $900,000 covers two buildings reported at $700,000 and $500,000 on the statement of values, under an 80 percent coinsurance clause with no deductible. A $250,000 covered fire loss strikes the smaller building. The insurer pays:
- An agreed value provision on a commercial property policy works by:
- A policy with a $900,000 agreed value limit insures a building whose replacement cost has climbed to $1,050,000 by the time a $300,000 covered loss occurs. The deductible is $10,000. The insurer pays:
- An inflation guard provision attached to a property policy:
- In property underwriting, a building is described as vacant rather than unoccupied when:
- A mortgagee named under the mortgage clause of a property policy holds rights that are:
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