Provides consistent basis for determining insured value of a shipment under an open cover relating to cargo at the time the risk attaches.
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(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.
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A stipulation listing the value of items. This clause effectively makes the policy a valued policy.