valued policy

valued policy

An insurance policy in which the sum to be paid when a loss occurs is fixed by the terms of the contract. • The value agreed on is conclusive for a total loss and provides a basis for determining recovery in cases of partial loss. This value is in the nature of liquidated damages. [Cases:

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valued policy

valued policy 定值保险单 指保险合同双方就保险标的价值事先约定,当损失发生时,以约定价值作为赔偿依据。定值保险单适用于海上运输货物保险、内陆运输货物保险、艺术品保险、人寿保险。一般火灾保险单为不定值保险单 (unvalued policy),若使用定值保险单则为非法。

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