What is the purpose of increased value and excess liability (IVEL) clauses?

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What is the purpose of increased value and excess liability (IVEL) clauses?

1. To protect the master and crew of a vessel from being sued

2. To provide extra coverage for the same losses covered by an underlining policy

3. To protect an assured from the errors and omissions of his or her insurance agent

4. To protect the insurer from inflation

Answer: 2. To provide extra coverage for the same losses covered by an underlining policy

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