Tennessee Code 56-7-803 – Measure of damages in case of agent’s failure to inspect property
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Terms Used In Tennessee Code 56-7-803
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
If the company, its designee or agent, fails to place a reasonable value on any insured property within the ninety-day period provided in § 56-7-801, and that is agreed to by the insured, and a loss occurs, then the value as shown by the policy or application is conclusively presumed to be reasonable, and settlement shall be made on that basis.