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Co-insurance is a provision in an insurance policy where the
insured is obligated to carry an amount of insurance equal to at least
the stated percentage of the value of the property. Where the amount
of insurance carried is less than the value of the property multiplied
by the co-insurance requirement, the insured will bear the same proportion
of the loss to which the amount of insurance carried bears to the
amount of insurance required.
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Average Distribution is a clause that may be used in commercial
polices where an insured has more than one location and the stock
is continually moved from one location to another; hence the value
at any one location may vary from time to time. In the event of a
loss, the stock value at all locations is ascertained and the limit
of insurance is proportionately allocated to each location. The proportion
to which the location of the loss bears to the total value at all
locations is then applied to the stated amount of insurance to determine
the limit of insurance at that location.
View the Average Distribution
calculator >>
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