agreed value
noun[S]
INSURANCEukusanamountthat aninsurancecompanyagreestoinsureapropertyfor at thestartof aninsuranceperiod, and that it willpayif thepropertyislostordestroyed:
Marineinsurancepoliciescan eitherspecifyanagreedvalueorspecifythat avaluebedeterminedwhen aclaimis made.
agreedvaluecoverage/option/provision
See also
market value
Compare
stated value