Definitions for "Valuation Clause"
The clause in a marine policy which makes it a valued policy, by agreement in advance as to the value of the insured property.
The provision in a policy that defines the basis for establishing the amount to be paid in the event of a loss to insured property.
The clause in the Marine Policy that contains a fixed basis of valuation agreed upon by the Assured and the Underwriter and which establishes the insured value of the merchandise. The Clause determines the amount payable under any recoverable loss or General Average contribution.