Valued policy definition
Valued policy means a policy which specifies the agreed value of the subject matter insured. Subject to the provisions of this Part, and in the absence of fraud, the value fixed by the policy is, as between the insurer and the insured , conclusive of the insurable value of the subject intended to be insured, whether the loss is total or partial. Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purposes of determining whether there has been a constructive total loss; and
Valued policy means a policy contract in which the Insurer and the Insured agree on the value of the property insured, that value being payable in event of total loss.
Valued policy means a "policy" contract in which the Insurer and the Insured agree on the value of the property insured, that value being payable in event of total loss. Refer, however, to Article 5.B. The flood policy is not a valued policy.
More Definitions of Valued policy
Valued policy. A valued marine insurance policy is the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.