A hurricane caused $465,000 in damages to a building owned by Cane Consulting. The building was insured by several carriers for a total of $950,000 and all coinsurance requirements were met. If Supreme Insurance is providing $475,000 of the total coverage, what is their share of the loss?

Question

Quizplus · Accepted Answer

Supreme Insurance's share of the loss is calculated based on the proportion of the total coverage they provide. They cover $475,000 of the total $950,000, which is 50%. Therefore, they are responsible for 50% of the $465,000 in damages, which equals $232,500.

A Hurricane Caused $465,000 in Damages to a Building Owned