of the damages incurred by the insured. Ark. Code Ann. § 23-89-209(a)(3) (Repl. 1999). In Clampit v. State Farm Mut. Auto. Ins. Co., 309 Ark. 107, 828 S.W.2d 593 (1992), this court stated that underinsured coverage applies when the tortfeasor has at least the amount of insurance required by law, but not enough to fully compensate the victim. Furthermore, the Underinsured motorist coverage statute estabhshes the public policy of the State of Arkansas with regard to UIM coverage. Majors v. American Premier Ins. Co., 334 Ark. 628, 977 S.W.2d 897 (1998). Although Underinsured motorist coverage is statutorily prescribed, this court has upheld prior exclusions under the current and prior versions of the statute. Chamberlin v. State Farm Mut. Auto. Ins. Co., 343 Ark. 392, 36 S.W.3d 281 (2001) (<HOLDING>); Clampit v. State Farm, supra. Where an
holding similar agreement void on public policy grounds holding nearly identical exclusion did not violate public policy noting there is no clear legislative pronouncement of public policy requiring umuim coverage for a named driver exclusion holding exhaustion clauses to be void as against hawaiis public policy holding that prospective waivers of claims are void as against public policy holding that state farms unambiguous ownedbutnotinsured exclusion was valid and not void as against public policy