A property insurance policy that is not subject to any coinsurance requirements but has a set amount of insurance scheduled for the property would use Stated amount as loss valuation method.
What is the stated amount in property insurance?
- With stated value insurance, the most that can be paid to the policyholder in the event of a covered loss is the sum that was "stated" by the insured (you) at the time the policy was bought.
- You and your carrier will decide on the maximum amount, or cap, that will be paid when you buy a stated value insurance policy.
- In the event of a total loss, the policy may pay the stated value, the actual cash value, or, if the car is repairable, the repair expenses.
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