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Definition of 'Agreed Amount Clause'
A property insurance provision in which the insurer agrees to waive the co-insurance requirement. To obtain an agreed amount clause, insurers require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy, otherwise known as an agreed amount clause.
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Investopedia explains 'Agreed Amount Clause'
The coinsurance clause requires the insured to have a certain percent of the property value insured, and often provides the insured a substantial reduction in rate, provided he or she maintains insurance equal to the amount agreed upon at the inception of the policy.
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Search results for 'Agreed Amount Clause'
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http://www.investopedia.com/articles/pf/07/employer-liability.asp
... According to the hammer clause, the insurance company will offer ... company is liable
to pay the judgment amount beyond the limit the insurer has agreed to pay ...
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http://www.investopedia.com/university/estate-planning/estate-planning4.asp
... of their property in a manner agreed upon by ... will by reducing or forfeiting the amount
he/she ... Disclaimer: This clause will describe how disclaimed property is ...
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