Understanding the Basis of Valuation in Marine Insurance
When exporting goods via sea route, having marine insurance in place is crucial in case of unforeseen events like storms that can damage cargo beyond recovery.
The basis of valuation in marine insurance refers to the method used to determine the value of insured goods, ships, or cargo, which is essential for calculating insurance premiums and claim payouts in case of loss.
This value is typically agreed upon by the insurer and insured at the policy's issuance, but if not, it is determined after the loss or damage to the cargo or vessel.
The basis of valuation represents the amount agreed upon by the insurer and insured for calculating insurance premiums and claim payouts in case of loss.
Author's summary: Marine insurance valuation is key to determining claim payouts.
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