Acommercial building worth $400,000 is insured under a commercial property policy for $240,000, and an 80% coinsurance clause applies. a $20,000 loss to the building has occurred. how much will the insured receive when a claim is filed?

$15,000

Explanation: The 80% coinsurance clause on the property means that the insurance policy holder is agreeing to contribute up to 80% of the property's worth. Hence in the event of a loss to the building worth $20,000; the insures policyholder would receive :

(Actual contribution/expected contribution) x value of loss to the property

Where : Expected contribution = 80% of property's worth

ie (80/100) x $400,000 = $320,000

then the insured is to receive: ($240,000/$320,000) x $20,000 = $15,000

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