What does guaranteed cost mean?
Guaranteed Cost — premiums charged on a prospective basis without adjustment for loss experience during the policy period. A rate is agreed on at the inception of the policy and is multiplied by the appropriate exposure base (e.g., sales, payroll, number of vehicles, or square footage) to yield the premium.
What is guaranteed premium rate?
A guaranteed cost premium is a flat fee for insurance coverage that's not subject to adjustments based on loss experience, or the amount of loss an insured party experiences. The price is fixed and remains the same throughout the policy term, regardless of how many claims were filed and paid out within this timeframe.
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ou are required to pay for your appraiser and half of the umpire's costs insurer may cancel a guaranteed renewable policy for failure to pay premiums
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