MLchartDataset catalogue

Broad evidence rule

Term · Insurance and risk management · MLC-T-INS-000611

A legal principle used in property insurance claims to determine the actual cash value of damaged property, particularly when market value is difficult to ascertain. It allows courts to consider all relevant evidence, including replacement cost less depreciation, market value, and other factors, to arrive at a fair valuation. This rule aims to prevent both under-indemnification and over-indemnification of the insured.

Table 1. Record
IdentifierMLC-T-INS-000611
FieldInsurance and risk management
SubjectCommercial Property
Record as JSON 
{
  "id": "MLC-T-INS-000611",
  "term": "Broad evidence rule",
  "field": "Insurance and risk management",
  "definition": "A legal principle used in property insurance claims to determine the actual cash value of damaged property, particularly when market value is difficult to ascertain. It allows courts to consider all relevant evidence, including replacement cost less depreciation, market value, and other factors, to arrive at a fair valuation. This rule aims to prevent both under-indemnification and over-indemnification of the insured.",
  "subject": "Commercial Property",
  "url": "https://mlchart.com/terminology/insurance/broad-evidence-rule/"
}

Record 384 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.