Waiver of Coinsurance
A provision in a property policy that the coinsurance clause does not apply if the total loss does not exceed a stated amount, such as 2 percent of the sum insured or the amount of $2,500, whichever is greater. This eliminates the need to do a large inventory in order to determine whether or not the insured has complied with the coinsurance clause, especially where very small losses are involved.
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