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

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.Amended by 2014 Tenn. Acts, ch. 652,s 2, eff. 4/8/2014.Acts 1927, ch. 72, § 2; mod. Code 1932, § 6174; T.C.A. (orig. ed.), § 56-1139.