Common use of Declared Value Clause in Contracts

Declared Value. Declared value means the insured's assessment of the cost of reinstatement of the property insured arrived at in accordance with the reinstatement definition at the level of costs applying at inception of the period of insurance (ignoring inflationary factors which may operate subsequently) together with due allowance for the additional costs of reinstatement to comply with public authority requirements, professional fees and debris removal costs.