What it does
MM 99 56 is the Massachusetts stated amount endorsement. CAR's Rule 42 says physical damage coverages are written on an actual cash value, stated amount or agreed value basis. For stated amount rating, CAR determines the value of the automobile, divides by $100 and applies the stated amount rate (with a van pool rating factor for van pools), then directs: "Use Stated Amount Insurance Endorsement MM 99 56." The current edition is 10 13.
Who needs it
Van pools, private passenger types and other vehicles whose values are better captured by a stated amount than by standard symbols and age.
Key points
- Stated amount differs from agreed value (MM 99 66), which bars any deduction below the agreed value at the time of loss and requires an appraisal.
- The multistate equivalent is CA 99 28.
Quoting notes
Document each stated value and update it at renewal.
