Accepted principle, standard, or quality regarded as worthwhile or desirable.
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UK: The worth of something in money terms. The standard fire policy offers to pay the insured the ‘value of the property’ and the average clause refers to the ‘value of the property at the time of fire’. Following the rules of construction the term will be given its ordinary meaning and the word will be given the same meaning wherever it appears in the policy unless a contrary intention is shown by express words or definitions contained in the policy. Under unvalued policies value generally means market value unless the policy is written on a reinstatement basis. Marine insurance policies are generally issued on a valued policy basis.