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valued coverage

Property coverage that provides for payment of a stipulated dollar amount (rather than the actual cash value (ACV) or replacement cost (RC) of the property) in the event of total loss. Fine arts coverage is often written on a valued basis. Some states have valued policy laws, which require that fire insurance on buildings be treated as valued coverage in the event of a total loss.

Links for IRMI Online Subscribers Only: CPI IX.I


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