When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as stated amount.
A stated amount is the value or amount the owner of a property gives as the worth of the property. Â This can be for your vehicle and it is provided to the insurer.
The stated amount is given for insurance to show the worth of a property that is insured.
Insurance helps to prevent total loss on a property incase of some unforeseen circumstance.
Therefore, When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as stated amount.
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