Well, my understanding from all the insurance sites I examined is
exactly as I stated.  Stated value means they will pay the lesser of
repair costs, stated value, or actual cash value.  They determine actual
cash value.  We're screwed.  Agreed value is the type insurance where a
valuation is listed in the policy and adhered to in the event of loss.
I would trust only actual wording, however, nothing else, and I would
read every single line of the agreement before deciding if the policy
offered what I wanted.

David

On Wed, Dec 16, 2009 at 11:40 AM, Bernie wrote:

> Bottom line:  Be very careful in buying insurance to be sure you are
> getting what you need and expect.
>
>
> Yes.
> Here in BC with ICBC as the insurer you can buy insurance through an
> agent
> and state what YOU think it is worth but what they pay may have little
> relation to that.
> You need pictures, receipts. documentation that yours is worth that
> stated
> value.
> They have no obligation to pay that stated value.
> The stated value is the maximum they would pay out but you still have
> to
> justify
> and back up that figure.
> You don't just show up and receive your cheque for stated value.
> If it were only that easy.
>
> Bernie
> Vancouver