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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. See also Coinsurance provision.

Links for IRMI Online Subscribers Only: CPI II.D, V.L; CRM VI.O; PracRisk, Topic F.1


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