valuation stipulation
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 304 U.S. 430 - Aetna Ins Co v. United Fruit Co Union Marine & General Ins Co · 1938Most cited · 55 citing opinions
The valuation stipulation fixes in advance of loss the value of the vessel, so as to avoid the necessity of proof of value in order to establish the extent of the liability assumed on the policy. The agreed value, honestly arrived at, thus stands in the place of prime value under an open marine policy, and resembles, in its practical operation, a stipulation for liquidated damages.