What is ‘Valued Marine Policy’
A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A valued marine policy pays up to, or in its entirety, the specified value in the event of a total loss. It differs from an unvalued marine policy where the value of the property would be determined following the event of a loss. Marine insurance provides coverage against losses sustained by ships, cargo and terminals.
Explaining ‘Valued Marine Policy’
The value is determined ahead of time in a valued marine policy, and there is generally no reassessment or revaluation necessary in the event of an insured event or loss. A valued policy pays a pre-determined amount regardless of the extent of the damages, as long as it is considered a total loss. It is important to note that if the insured item depreciates in value, it will not affect the amount which can be claimed in the event of a total loss. The same is also true if the value of the item appreciates – the insured is unable to receive any addition damages based on the increase value of the item.
- Communicating research on the economic valuation of coastal and marine ecosystem services – www.sciencedirect.com [PDF]
- Creation of a gilded trap by the high economic value of the Maine lobster fishery – conbio.onlinelibrary.wiley.com [PDF]
- Progress and challenges in valuing coastal and marine ecosystem services – academic.oup.com [PDF]
- Is economic valuation of ecosystem services useful to decision-makers? Lessons learned from Australian coastal and marine management – www.sciencedirect.com [PDF]
- Mitigating damages from coastal wetlands development: policy, economics and financing – www.journals.uchicago.edu [PDF]
- Shark-diving tourism as a financing mechanism for shark conservation strategies in Malaysia – www.sciencedirect.com [PDF]
- Valuing Marine Ecosystems-Taking into account the value of ecosystem benefits in the Blue Economy – osf.io [PDF]
- Sustainable financing for ocean and coastal management in Jamaica: The potential for revenues from tourist user fees – www.sciencedirect.com [PDF]
- Valuing recreational benefits of coral reefs: the case of Mombasa Marine National Park and Reserve, Kenya – link.springer.com [PDF]