Unvalued Marine Policy
Definition
- An insurance policy that provides unspecified coverage for an insured marine asset, such as the cargo or hull of a ship. As opposed to a valued marine policy where the value of assets are determine beforehand, with an unvalued marine policy the insurer assess the value of property and damages after a claim is filed.
Synonyms
shipping insurance, sea vessel insurance, cargo coverage
Related Terms and Acronyms
- Total Loss (Ltot, TL) — Acronym & Abbreviation,
- When as asset is considered to be damaged beyond repair.
- Valued Marine Policy — Definition,
- Insurance that covers a marine asset up to a specified 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.
