Valued policy


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Related to Valued policy: Insuring Agreement

VALUED POLICY. 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. n. 1230.

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Mississippi also has a Valued Policy Law, which provides "when buildings and structures are insured against loss by fire and, situated within this state, are totally destroyed by fire, the company shall not be permitted to deny that the buildings or structures insured were worth at the time of the issuance of the policy the full value upon which the insurance is calculated, and the measure of damages shall be the amount for which buildings or structures were insured.
While discussion of the earlier version of the valued policy law is largely an academic exercise, Mr.
In closing, the author advises that complaints concerning Mierzwa's interpretation of the valued policy law should be directed at the legislature, not the courts.
McKenzie, co-author of the treatise, "Louisiana Insurance Law & Practice," noted that since Louisiana's valued policy law was re-enacted in 1992, "there's been no reported decision" interpreting its language.
First, the assertion that the valued policy law was not written to apply to a policy where covered (wind) and noncovered (flood) perils combine to create a total loss is inconsistent with Florida law.
A valued policy is "one in which the value of the thing insured, and also the amount to be paid thereon in the event of loss, is settled by agreement between the parties and inserted in the policy.
Finding that there was no Florida case on point, the court set out "to give effect to the theories behind the valued policy law .
water damage, builder's risk, catastrophe fraud, cause and origin of water damage, condominium losses, valued policy law, mold, commercial losses, and more.
In the midst of this examination is Florida's valued policy law.
1st DCA 1964), the principal object and purpose of Florida's valued policy law is to fix the measure of damages in case of total loss.
If these two facts exist, the valued policy law mandates that the carrier who chooses not to elect to repair (6) is liable to the owner for the face amount of the policy, no matter what other facts are involved as to the cost of repairs or replacement.
More than 25 professional development workshops will discuss such topics as additional living expenses (ALE) mediation, professionalism, catastrophe fraud, condominium losses, wind damage, valued policy law, mold, building codes, business interruption and more.