Valued Marine Policy
 |
Definition of 'Valued Marine Policy'A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A valued marine policy pays up to, or in its entirety, the specified value in the event of a total loss. It differs from an unvalued marine policy where the value of the property would be determined following the event of a loss. Marine insurance provides coverage against losses sustained by ships, cargo and terminals. |
 |
Investopedia explains 'Valued Marine Policy'The value is determined ahead of time in a valued marine policy, and there is generally no reassessment or revaluation necessary in the event of an insured event or loss. A valued policy pays a pre-determined amount regardless of the extent of the damages, as long as it is considered a total loss. It is important to note that if the insured item depreciates in value, it will not affect the amount which can be claimed in the event of a total loss. The same is also true if the value of the item appreciates - the insured is unable to receive any addition damages based on the increase value of the item. |
Related Definitions
Articles Of Interest
-
The Importance Of Property Insurance
Property insurance is important, but there's a lot you need to learn in order to get the proper coverage. -
Is Your Insurance Company Going Belly Up?
When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders. -
Will Insurance Keep Your Business Safe?
Skilled employees are key to a successful business. Find out how to avoid a financial setback if they leave. -
The History Of Insurance
The first written policy appeared in Hammurabi's Code. Find out how it evolved from there. -
15 Insurance Policies You Don't Need
Learn how to save money by saying "no" to unnecessary coverage. -
What To Do If Your Insurance Won't Pay
Before paying for coverage, find out what you need to do to ensure you get paid. -
Introduction To Treasury Inflation-Protected Securities (TIPS)
If you want to protect your portfolio from inflation, all you need are a few TIPS. -
5 Things You Should Know About The New Health Insurance Marketplace
Here are five things you should know about the new Health Insurance Marketplace (AKA Health Insurance Exchange), which launches on October 1. -
Nobel Winners Are Economic Prizes
Before you try to profit from their theories, you should learn about the creators themselves. -
Breaking Down The Balance Of Trade
The balance of trade is a key indicator of a nation’s health. Investors and market professionals appear more concerned with trade deficits than trade surpluses, since chronic deficits may be ...
Free Annual Reports