VALUE REPORTING
for business personal property should be considered when values regularly fluctuate or move between locations. It is used with stores, processors, businesses, manufacturers and warehouses with significant inventory levels. This form assures full recovery of loss when required periodic value reports are submitted on a timely and accurate basis provided the limits of insurance are maintained at proper levels. The most commonly used reporting frequency is monthly but, depending on the insured's operations and requirements, the reporting period may be daily, weekly, quarterly or annually. A provisional premium charged at the beginning of the policy period is adjusted at the end of the policy year, based on the values reported. Using this approach, the insured pays only for the insurance coverage needed.