Valued Policy

Valued Policy in United States

Valued Policy Definition

A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. 1 Bouv. Inst, note 1230. See Policy.

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Legal Issue for Attorneys

A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. 1 Bouv. Inst, note 1230. See Policy.

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Notice

This definition of Valued Policy is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

An insurance agreement where the value of the article insured is settled by agreement between the parties and inserted in the policy. See open policy (in U.S. law).

(Revised by Ann De Vries)

What is Valued Policy?

For a meaning of it, read Valued Policy in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Valued Policy.


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