What Does Agreed Value Coverage Option or Provision Mean?

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What does Agreed Value Coverage Option or Provision mean? Read on to discover the definition & meaning of the term Agreed Value Coverage Option or Provision - to help you better understand the language used in insurance policies.

Agreed Value Coverage Option or Provision

Agreed Value Coverage Option or Provision

A commercial property insurance provision that suspends the coinsurance clause until a specified expiration date. Insurers usually require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy. Previously referred to as an agreed amount clause.

We hope the you have a better understanding of the meaning of Agreed Value Coverage Option or Provision.

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