Valued Marine Policy
Definition
- An insurance policy that provides a specified amount of coverage for an insured marine asset, such as the cargo or hull of a ship. The value of the assets are agreed upon in advance, so in the event of a total loss, the insured will generally receive the specified value of the asset without the need to reassess or revalue the asset.
Synonyms
shipping insurance, cargo coverage, sea vessel insurance
Related Terms and Acronyms
- Marine Insurance Policy (MIP) — Acronym,
- Total Loss (Ltot, TL) — Acronym & Abbreviation,
- When as asset is considered to be damaged beyond repair.
- Unvalued Marine Policy — Definition,
- Insurance that covers a marine asset to an unspecified dollar amount.
- Voyage Policy — Definition,
- Insurance that covers assets being transported by sea.
- Watercraft Non-owned Insurance — Definition,
- Insurance that covers damages to watercraft not owned by the policyholder.
- Yacht Insurance — Definition,
- Insurance that covers yacht and pleasure boat owners for damages and liability.
