MLchartDataset catalogue

Agreed value coverage option or provision

Term · Insurance and risk management · MLC-T-INS-000372

A policy feature where the insurer and insured agree on the value of the insured property at the time the policy is issued. In the event of a total loss, the insurer pays this agreed-upon amount, without deduction for depreciation. This option is often used for unique or difficult-to-value items like fine art or antiques.

Table 1. Record
IdentifierMLC-T-INS-000372
FieldInsurance and risk management
SubjectCommercial Property
Record as JSON 
{
  "id": "MLC-T-INS-000372",
  "term": "Agreed value coverage option or provision",
  "field": "Insurance and risk management",
  "definition": "A policy feature where the insurer and insured agree on the value of the insured property at the time the policy is issued. In the event of a total loss, the insurer pays this agreed-upon amount, without deduction for depreciation. This option is often used for unique or difficult-to-value items like fine art or antiques.",
  "subject": "Commercial Property",
  "url": "https://mlchart.com/terminology/insurance/agreed-value-coverage-option-or-provision/"
}

Record 103 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.