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Basically this clause stipulates that if the client does not insure their building and equipment to proper replacement or actual cash value limits, the client will have to pay for part of the loss regardless if the loss is a partial or total loss.
One insurer estimates that 40 per cent of commercial clients do not insure to value.
FHA does not make mortgage loans directly, but rather insures loans made by private lenders to homebuyers.
Thomas said one of the most unusual policy requests he ever received came from an agent who wanted to insure an undisclosed celebrity's chest hair.
The FHA is limited in the aggregate amount of credit risk it can take by budgetary requirements imposed on its ongoing business, by size limits on the mortgages that it can insure, by its inability to lower insurance premiums without congressional approval, and by a congressionally imposed limit on the aggregate amount of insurance that may be written each year.
50 to insure Sabrina, a 24-year-old slave, for $600, according to an 1856 policy which is archived at the South Carolina Historical Society.