Valuation
The Cyclopedic Law Dictionary · Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922
The Cyclopedic Law Dictionary
The act of ascertaining the worth of a thing. The estimated worth of a thing. It differs from "price,"_ which does not- always afford a true criterion of value; for a thing. may be bought very dear or very clieap. In some contracts, as in the case of bailments or insurances, the thing bailed or insured is sometimes valued at the time of making the contract, so that, if lost, no dispute may arise as to the amount of the loss.
2 Marsh. Ins. 620; 1 Caines (N. Y.) 80; 2 Caines (N. Y.) 30; Story, Bailm. i§ 253, 254; Park, Ins. 98; Weskett, Ins.; Phil. Ins.
See Policy.