56-7-803 - Measure of damages in case of agent's failure to inspect property. - Tennessee Statutes

56-7-803. Measure of damages in case of agent's failure to inspect property.

If the agent fails to place a reasonable value on any insured property within the ninety (90) days, as provided in § 56-7-801, and that is agreed to by the insured, and a loss occurs, in that event the value as shown by the policy or application shall be conclusively presumed to be reasonable, and settlement shall be made on that basis.

[Acts 1927, ch. 72, § 2; mod. Code 1932, § 6174; T.C.A. (orig. ed.), § 56-1139.]