What it does
MM 99 66 writes physical damage on an agreed value basis. CAR's Rule 42.E describes it: in determining actual cash value, "no deduction shall be made to reduce the value of the automobile to less than the agreed value in the event of a loss," with agreed value meaning the value agreed between the insurer and the policyholder. As a condition, the insurer may inspect the auto at application.
Rating and conditions
- An appraisal establishes current market value, at the policyholder's cost.
- The premium is the stated amount premium multiplied by 110%.
The current edition is 10 13.
Who needs it
Massachusetts businesses with specialty or customized vehicles, classic or show vehicles used commercially, or units whose market value is hard to establish after a loss.
Quoting notes
Order the appraisal early, and explain the difference from stated amount insurance (MM 99 56).
