The Morgan Company warehouse was valued at $2,400,000. The building was insured for $960,000. The policy contained an 80% coinsurance clause. A fire caused $660,000 in damages. Compute the amount the Morgan Company recovered from the insurance company for fire damage.

Question

Quizplus · Accepted Answer

The Answer of The Morgan Company warehouse was valued at $2,400,000. The building was insured for $960,000. The policy contained an 80% coinsurance clause. A fire caused $660,000 in damages. Compute the amount the Morgan Company recovered from the insurance company for fire damage.

The Morgan Company Warehouse Was Valued at $2,400,000