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Valued policy

   Also found in: Dictionary/thesaurus, Financial 0.01 sec.

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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Holderby is a founding leader of the Massachusetts Association of Community Health Workers, nurturing the organization from "its extremely humble beginnings to its current state as a well-recognized and valued policy advocate for improving the health of Massachusetts communities," Hirsch wrote.
The Landrys sued, claiming that a 108-year-old state statute--the valued policy law (VPL)--requires insurers to pay the face value of a homeowners' insurance policy when an insured home is completely destroyed.
The judge found against underwriters that the valued policy law made wind insurers liable for policy limits in a constructive total loss, even when it was caused in part by uncovered perils.
 
 
 
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