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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Does being a non-admitted carrier or excess and surplus lines carrier change the application of the valued policy law?
Where the whole or any part of the goods insured is delivered damaged at destination, the measure of indemnity is such proportion of the sum fixed by the policy in the case of valued policy or of the insurable value in the case of an unvalued policy, as the difference between the gross sound and damaged values at the place of arrival bears to the gross sound value.
The saga continued on Tuesday, when Anastasiades adopted Georgiades' "valued policy partner" spin but insisted that the issues he raised in his statement -- the conflict of interest and the contract alterations -- remained on the table.
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.
Shelby McKenzie, partner in the law firm Taylor, Porter, Brooks & Phillips based in Baton Rouge, La., said Louisiana's "valued policy law" is similar to Florida's.
Whether you work in Florida or not, the analysis of the lessons learned from the catastrophic 2004 season can enrich your understanding of business interruption coverage claims, valued policy law, the S0percent rule, and separating bona fide losses from voluntary business decisions.
Since the amount of potential recovery is agreed to before a loss occurs, a valued policy also may be easier to apply when handling a claim.
When the smoke clears, policyholders will be faced with the challenge of filing insurance claims, which are likely to be complicated by California's status as a "valued policy" state.
As an attorney who was personally affected by the hurricanes that ravaged Florida in 2004, the article, "Florida's Valued Policy' Law--The Eye of the Storm," in the April 2005 issue of The Florida Bar Journal troubled me.
"Florida's Valued Policy Law" (April) is a tale of two articles: First, the author, Mr.
In the midst of this examination is Florida's valued policy law.