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 (TL, Ltot) 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.
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