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."