Affected by the instability of oil prices, the value of a business personal property (BPP) of an oil-based ink manufacturer fluctuates constantly. The manufacturer has subscribed a property insurance policy that requires periodic reporting of the BPP’s worth. Last period, a miscalculation of the inventory misled the manufacturer to report a BPP value of only $600,000 while the actual value was $750,000. Shortly after the submission of the last report, the value of the BPP increased to $1,050,000 when a fire occurred and destroyed the property completely. Ignoring any deductible and assuming the limit of insurance is $1,000,000, what is the amount that the issuer of the policy will pay? Explain your answer.