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.



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