Market value clause

{
  "id": "MLC-T-INS-002134",
  "term": "Market value clause",
  "field": "Insurance and risk management",
  "definition": "A provision in an insurance policy that specifies how the value of insured property will be determined at the time of a loss. This clause dictates that the insurer will pay the current market price of the damaged or destroyed item, rather than its original cost or replacement cost. It is frequently applied to items whose value fluctuates based on supply and demand, such as antiques or commodities.",
  "url": "https://mlchart.com/terminology/insurance/market-value-clause/"
}