A necessary step.
The Co-Insurance Clause, while little understood by many property owners, acted as protection for insurance companies as stated at the end of the clause. "It is understood by the undersigned that the effect of the above mentioned co-insurance clause when attached, will be to reduce the liability of said insurance company in case of loss, unless the property covered by said insurance is insured for X percent of its actual cash value."
According to Best's Review, the clause "is a necessity to the proper conduct of the insurance business."
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|Title Annotation:||100 YEARS AGO in Best's Review|
|Date:||Jun 1, 2007|
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