Valued Marine Policy
Categories: Insurance
A valued marine policy is an insurance policy for something specific and marine-y, like the cargo on a boat, or a vessel’s hull, which is predetermined.
When you sign up for a valued marine policy, it says on the contract how much would be paid out, and for what exactly, in the event of a justified loss.
There are also open marine policies: contracts with vaguer language, where the amount you get for the loss has to be proven after-the-fact...a tougher bet. The nice thing about valued marine policies is their straightforwardness. No "if"s, "and"s or "but"s to be found. Only flotsam and jetsam.
