Agreed Value Option Explained
I need clarification or opinion regarding CP 00 10 04 02, Optional Coverages, Agreed Value, paragraph a, second sentence: "We will pay no more for loss of or damage to that property than the proportion that the Limit of Insurance under this Coverage Part for the property bears to the Agreed Value shown for it in the Declarations." This statement seems to contradict the fact that the coinsurance condition has been suspended and seems to put back in some kind of proportioning or "coinsurance" calculation when loss occurs.
1. What is the purpose of this condition?
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