Only if the sum insured represents at least 85% of the replacement value, which is a special concession offered by Cayman First. The Condition of Average principle will still apply if value is less than 85%. If the value is less than the 85%, then you will be considered your own insurer for the difference between the sum insured and the full replacement as new value of the property, and will therefore assume your shared portion of any loss which may occur.