Section 18 Stated Value Policies

• Library: Damages 2012

Efforts by the insurer to pay replacement value for property destroyed under a stated value policy will expose the insurer to vexatious penalties. Citizens Disc. & Inv. Corp. v. Dixon, 499 S.W.2d 231, 234 (Mo. App. E.D. 1973). Section 379.140, RSMo 2000, precludes insurers from showing that destroyed property was worth less that the stated amount under the policy. Kilpatrick v. Hartford Fire Ins. Co., 701 S.W.2d 755, 759 (Mo. App. W.D. 1985). Likewise, evidence as to the original purchase price or actual...