Originally Posted by DreamWeaver
Anyone know of a company who writes "Stated Value" insurance on a vintage AS in Florida.
In your definition of "Stated Value" insurance, is your expectation of an insurance company to pay a settlement based upon the "Stated Value" in the event of a total loss? If this is your expectation, you may be disappointed. Most insurance companies use stated value as the basis from which to determine a rate to charge for the amount of protection afforded. In the event of a loss, the settlement basis is the actual cash value (ACV) at the time of the loss. In the event of a loss, the company will pay to fix the damage or the actual cash value at the time of the loss, whichever is less (less the deductible). Your settlement, in the event of a loss, could very well be the "stated amount" depending on the condition of your unit at the time of the loss.
Also, before you ask a company to insure your restored Airstream, you should have complete documention supporting the "stated value". Your documentation will help an adjustor determine the actual cash value at the time of your loss.
In any event, make certain you read the section of the policy that defines how a loss is settled.
I seriously doubt whether there is an insurance company that will provide a policy that will pay a settlement based upon your
"stated amount". If there is, you will likely have to go through an agency that is a surplus lines broker and they will want lots and lots of documentation as well as appraisals. If there is such a company to pay a "stated amount", it would be a company such a Lloyd's of London and the premium would be much higher than a settlement basis using ACV.