valued policy on cargo
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 279 U.S. 708 - Gulf Refining Co. v. Atlantic Mutual Insurance · 1929Most cited · 30 citing opinions
The purpose of valuing the cargo is not to fix the maximum amount of recovery, which is accomplished by limiting the amount of the policy, but to eliminate from the risk which the insurer assumes so much of it as is consequent upon fluctuations of the market value of the cargo, whether the loss be total or partial.