What does Reporting Form Coverage mean? Read on to discover the definition & meaning of the term Reporting Form Coverage - to help you better understand the language used in insurance policies.
Reporting Form Coverage
Property insurance that allows an insured with fluctuating inventory values to establish a limit of insurance adequate to cover the highest possible exposed value but to pay a premium based on the actual values exposed. Initial provisional premium is adjusted on the basis of required periodic (e.g., monthly or quarterly) reports of actual property values. The insured is penalized for late or inaccurate reports.
We hope the you have a better understanding of the meaning of Reporting Form Coverage.