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Insuring Autos on a Stated Amount Basis

Question: I am in a debate with an underwriter concerning an antique auto. We have the stated amount endorsement (PP 03 08) on the policy and the insured has an appraisal supporting this stated amount. The endorsement states that the company will pay the lesser of stated amount, ACV, or cost to repair. Our debate is this: Is the appraised amount the same as ACV? If not, what is the point of the endorsement?

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