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Valued and Unvalued Policies In Marine Insurance Act 1963

Valued and Unvalued Policies In Marine Insurance Act 1963

Sections 29 and 30 recognise Valued and Unvalued Policies. A Valued Policy is one where the value of the insured property is ascertained in advance at the time of issuance of the policy. This value is conclusive whether or not the loss is total or partial.

Insurance
[Post Image Courtesy of Num_Skyman at FreeDigitalPhotos.net]

An Unvalued Policy, on the other hand, does not ascertain or fix the value in advance, but, subject to the sum assured under the policy, allows the value to be fixed subsequently.

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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