AGREED POLICY (AGREED VALUE/VALUED POLICY)
By the insured and the insurer, who are the parties to the insurance contract, agreed upon, It is the price to be paid to the insured in case of complete loss.. agreed value, determined at the time the insurance policy is issued, It is not affected by market fluctuations that may occur during the policy period.. The amount to be paid to the insured in case of total loss is determined at the beginning, It also prevents some possible insurance frauds..
agreed policy, It is frequently used in boat and shipping insurance..