Valuation clause

The clause in a marine cargo insurance policy that contains the agreed basis for determining the value of covered goods. This sets the amount due under any claim for lows or general average contribution. A valuation clause commonly in use reads as follows: Valued premium included at amount of invoice, including all charges in the invoice and including prepaid and/or advanced and/or guaranteed freight, if any, plus ……. % (this is usually 10% on exports).

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