The named insured is an auto dealer with a single insured location. Physical damage coverage under the insured's garage policy is written on a reporting basis. On the date of the insured's last report, the value of covered autos at the insured's location was $400,000; the insured's report on that date showed values of $300,000. A covered loss occurs, with damage totaling $80,000. How much of this loss will the garage insurer pay?
The named insured is an auto dealer with a single insured location. Physical damage coverage under the insured's garage policy is written on a reporting basis. On the date of the insured's last report, the value of covered autos at the insured's location was $400,000; the insured's report on that date showed values of $300,000. A covered loss occurs, with damage totaling $80,000. How much of this loss will the garage insurer pay?
$80,000
$60,000
$40,000
$0
Answer: $60,000
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