An all risk coverage for physical loss or damage to valuable papers and records of the insured. It includes practically all types of printed documents or records except money.
Tag: RAW
Valuable papers and records coverage (Property Insurance)
Coverage that protects the important papers and records belonging to the insured against all risks.
Valuable papers coverage
Provides all risk coverage on valuable papers, such as written, printed, or otherwise inscribed documents and records, including books, maps, films, drawings, abstracts, deeds, mortgages, and manuscripts. It covers the cost of research to reconstruct damaged records, as well as the cost of new paper and transcription.
Valuables
See: HIGH RISK PROPERTY.
Valuation
1. A statement or certificate confirming the value of items of insured property, usually prepared by an independent professional. 2. In life insurance this is the annual assessment of the insurer’s assets and liabilities in the manner required by the valuation regulations. 3. An actuarial valuation when an actuary compares pension scheme assets and liabilities. He works out the level of contributions required to create sufficient money to ensure that the pensions due to members will be funded. In the case of defined benefit schemes, there must be an actuarial valuation every third year.
***
A general term used to refer to the approximation of an items value. This is usually done through an appraiser.
***
(i) Process of placing monetary value for an item of property, a claim, or some other legal interest (ii) Monetary value of something.
***
To estimate the value of a piece of property usually by considering its replacement cost or its actual cash value. Factored into the estimate is any depreciation or wear and tear.
Valuation Charges
Transportation charges assessed shippers who declare a value of goods higher than value of carrier’s limits of liability.
Valuation Clause
Provides consistent basis for determining insured value of a shipment under an open cover relating to cargo at the time the risk attaches.
***
(i) A clause in a hull Policy which requires that the cost of recovery and repair would be compared, not with the repaired value, but with the insured value to established a constructive total loss. (ii) Valuation clause in a cargo open Policy/cover to set out a formula for the calculation of in a cargo open Policy/cover to set out a formula for the calculation of the insured value of goods where the consignment is declared after loss.
***
A stipulation listing the value of items. This clause effectively makes the policy a valued policy.
Valuation date
Date used for the actuarial valuation. The figures produced will relate to this date.
Valuation method
The approach used by the actuary in carrying out an actuarial valuation. See accrued benefits valuation method and prospective benefits valuation.
Valuation mortality table
Table showing number of deaths that is used to calculate the legal reserve and life insurance policy cash surrender values. It has wide margins of safety and indicates much higher rates of mortality than the tables that insurance companies use for calculating premiums.