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error or omission in reporting endorsement

A liberalization of the reporting requirements of property policies when written on a property value reporting basis. Such policies require the insured to report insurable values on a monthly, quarterly, or semiannual basis and, as a result, have very stringent reporting procedures that, unless adhered to, could cause claim settlement problems. A typical error or omission in reporting endorsement reads as follows: "It is agreed that this insurance shall not be prejudiced by any inadvertent omission in reporting of values hereunder, or unintentional error in amount, if prompt notice is given to this company as soon as said omission or error becomes known and deficiency of premium, if any, be made good."

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