Marine insurer’s clause agreeing to return a certain part of their premium in return for a subsequent improvement in the character of the risk or in respect of a reduction in their potential liability under the policy. For example, cargo may be carried by a safer route than the one initially contemplated.

Aviation insurers pay total losses on aircraft on an agreed value basis rather than on the basis of the replacement value of the aircraft taking account of its age and condition. The agreed value is also used as the basis of settling partial loss claims. Insurers normally allow an agreed value of 10 per cent more or less than the market value when arranging the cover.

These vehicles, including trailers when attached, are separately rated and insured by motor insurers depending on the nature of the machine and its value.

Stocks held by farmers. As values fluctuate the item is made subject to the special condition of average.