Co-insurance clause Sunday, June 18, 2006
The clause states that the insured must carry property coverage limits equal to or greater than a stated percentage of total property values noted in the policy. If a loss occurs and property values have increased to a point where coverage limits are less than the required coinsurance percentage of total property values, a reduced payment will be made to the claimant. ...
A clause in an insurance policy requiring an insured to carry a certain percentage, usually 80, 90 or 100 per cent of insurance in relation to the value of the property insured. If the insured fails to do this, then he agrees to be a self insurer of all losses large or small in the same ratio as his failure to comply with the percentage required, is related to the insurance required. ...
posted by your Insurance @ 10:23 AM,
