Page 76 - Misc Ebook IC 78

The Insurance Times

value,etc. Valued policies are issued mainly in respect
of valuables, paintings, pictures, curios, antiques and
other works of art.

Valued policies may appear to be contrary to the
principle of indemnity, but legally the parties to the
contract agree to the measures of indemnity at the
inception of the policy instead of waiting till the claim
arises to assess the amount of loss payable.

One of the main reasons for the measure of indemnity
to be agreed in advance is that in respect of many articles
like stamps, curios, works of art, antiques, etc, the intrinsic
value may be small compared to the sentimental or
personal value which the owner of the article has with
them.

Hence, an agreement of the value relieves the insured
and the insurers of the onus of deciding an adequate
insurable value and avoid disputes. Partial losses under
valued policies are settled in the same manner as in
ordinary policies. For example a new part being fixed in

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