(a) If, at the request of the insurer, an appraisal of personal property to be insured under an automobile policy insuring an antique automobile is made, then, in the absence of fraud, the appraised value of the property shall be binding on the insurer if the insurer:

Terms Used In Tennessee Code 56-7-1111

  • Appraisal: A determination of property value.
  • Fraud: Intentional deception resulting in injury to another.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Charges and accepts a premium for the policy or endorsement to the policy that is based on the amount of the appraised value; and
(2) Issues a policy or endorsement to the policy that provides coverage of the property in the amount of the appraised value.
(b) This section shall apply only to policies insuring antique automobiles delivered, issued for delivery or renewed in this state after July 1, 1990.
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