What is a valued policy?
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What is a valued policy?
Valued policies are special types of policies issued for antique cars. In it the value of the car is decided with discussion between insurance company official and the proposer.Quote:
Originally Posted by jkdas
Sometimes the insured may not be in a position to determine the exact value of the property to be insured. The reasons for this may be various. Under such circumstances both insured and the insurer agree for a basis of valuation which may be more or sometimes less than the actual value of the property. Such policies are called "valued policies".
It is an insurance policy in which the value of the insured item is defined and agreed at the commencement of the policy. In the event of a total loss the agreed amount is paid by the insurer without the need for further proof of value.