Basis of Valuation in Marine Insurance
The basis of valuation in marine insurance refers to the method used to determine the value of insured goods, ships, or cargo.
It represents the amount agreed upon by the insurer and insured for calculating insurance premiums and claim payouts in case of loss.
The basis of valuation can be pre-agreed upon between the insured and insurer at the policy's issuance, or determined after the loss or damage to the cargo or vessel.
Defining the basis of valuation is crucial in marine insurance as it decides the amount of claim payout in case of loss or damage.
Understanding the concept of basis of valuation is essential for exporters and importers to ensure they receive fair compensation for their damaged goods.
Author's summary: Basis of valuation determines claim amount.More News
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