Insurance Schedule Value

Audit declared item and aggregate schedule limits against caller replacement inventories; no policy exclusions, deductibles, binding coverage or insurance advice are inferred.

Description

Scheduled item limits and an aggregate insurance limit can both constrain a declared replacement inventory.

Scheduled item limits and an aggregate insurance limit can both constrain a declared replacement inventory. Arithmetic coverage ceilings are separate from actual policy coverage.^[1]

Audit declared item and aggregate schedule limits against caller replacement inventories; no policy exclusions, deductibles, binding coverage or insurance advice are inferred.

When to use Insurance Schedule Value

Use this tool to audit declared item and aggregate schedule limits against caller replacement inventories; no policy exclusions, deductibles, binding coverage or insurance advice are inferred.

Prepare the gemstone measurements, spectra or comparison data and any supplied calibration parameters. Check units, reference conditions and record alignment.

How to use Insurance Schedule Value and understand its results

Prepare the gemstone measurements, spectra or comparison data and any supplied calibration parameters. Check units, reference conditions and record alignment.
Enter declaredItemReplacementValues, declaredItemScheduleLimits, declaredScheduleAggregateLimit using the field table and calculation rules, then run the tool.
Read itemValueAboveScheduleLimits, totalModeledScheduleCoverage, totalUncoveredDeclaredValue. The explanation below defines the units, signs, ordering and any flags or placeholder values.
If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.

Input field	Meaning	Value type; see rules below	Requirement
declaredItemReplacementValues	Declared item replacement values	list of number	Required
declaredItemScheduleLimits	Declared item schedule limits	list of number	Required
declaredScheduleAggregateLimit	Declared schedule aggregate limit	number	Required

Pair nonnegative item replacement values with item limits in one currency and supply a nonnegative aggregate limit. Return each item excess above its limit, modeled total coverage and declared total minus modeled coverage.

Paired lists must be nonempty and have equal lengths.

modeled coverage=min(aggregate limit,Σmin(item value,item limit))

Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.

Output field	Meaning	Value type
itemValueAboveScheduleLimits	Item value above schedule limits	list of number
totalModeledScheduleCoverage	Total modeled schedule coverage	number
totalUncoveredDeclaredValue	Total uncovered declared value	number

json

{
  "input": {
    "declaredItemReplacementValues": [
      100,
      200
    ],
    "declaredItemScheduleLimits": [
      80,
      300
    ],
    "declaredScheduleAggregateLimit": 250
  },
  "output": {
    "itemValueAboveScheduleLimits": [
      20,
      0
    ],
    "totalModeledScheduleCoverage": 250,
    "totalUncoveredDeclaredValue": 50
  }
}

Limitations and assumptions

Policy exclusions, deductibles and binding insurer decisions are not inferred.

Numeric inputs and returned numeric values must be finite; an unrepresentable returned value produces an error. Numeric lists are limited to 100,000 entries; the rules above may require smaller limits. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors.

Alternative or Complementary methods

Use Appraisal Retail Replacement Value: Build caller replacement scenarios from comparable stone, setting and restoration quotes with explicit currency/policy cost additions; not a professional appraisal, wholesale resale or guaranteed insurer valuation. For a complementary task, use Rap List Discount Application: Apply caller supplied dated list quotation, negotiated discount, currency conversion and transaction tax; no proprietary Rap list publication, current rates or tax/legal compliance assumption.

References

Insurance Schedule Value — tool.io

Similar or alternative tools

Appraisal Retail Replacement Value
Build caller replacement scenarios from comparable stone, setting and restoration quotes with explicit currency/policy cost additions; not a professional appraisal, wholesale resale or guaranteed insurer valuation.
Rap List Discount Application
Apply caller supplied dated list quotation, negotiated discount, currency conversion and transaction tax; no proprietary Rap list publication, current rates or tax/legal compliance assumption.