Valued Marine Policy

A valued marine policy is a type of marine insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel, prior to the event of a loss. In the absence of fraud, a valued marine policy will pay the specified value if a loss occurs. It differs from an unvalued, or open, marine policy, in which the value of the property would need to be proven subsequent to a loss through the production of invoices, estimates and other evidence.