Valued Policy

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Valued Policy

An insurance policy that pays a specified amount in the event of a loss, regardless of the value of the loss. For example, a life insurance policy may pay $100,000 upon the death of the insured, regardless of when or how the death occurs.

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These valued forms state that the insurer of direct physical damage coverage must first pay or "admit liability" for a loss to the insured property before the business interruption claim is validated.

Valued forms also may be useful for companies--such as biotech research operations--that are often operating at a net loss while conducting research or developing new products.

To illustrate, a valued form might better serve a new business that has no financial experience on production, turnover, or profits, while the standard form might better be recommended for a business with fluctuations in revenue and expenses.

Insuring changing exposures: the evolution of business interruption coverage

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