Valued Policy Law

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Valued Policy Law

Any law requiring an insurer to pay the full amount of an insurance policy in the event of a claim of loss. This requirement exists even if the value of the claim is less than the full value of the policy.
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The intent of valued policy laws is to protect the insureds from arguments after a loss that the property was over insured, in an attempt by the insurer to pay less than the face amount for which the insured paid premium.
If a CP 00 10 and CP 10 30 policy is purchased for a rental property through an E&S carrier, does the valued policy law apply?
Agreed value, coinsurance and deductibles
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