01.Core Concepts

A reporting form requires the insured to report periodically the value of insured business personal property The value reporting form is used to insure fluctuations in business personal property Premiums are based on the actual value of the covered property If the insured underreports the property values at a location, recovery for a loss at that location is limited to the proportion that the last value reported bears to the correct value that should have been reported A peak season endorsement increases the amount of insurance in force during a specified period to reflect higher inventory values