Definitions of valued policy
a maritime (=connected with the sea, especially in relation to trade or naval matters) insurance policy that states the value of what is insured
Dismissal was granted of all flood loss claims based the Valued Policy Law.
an insurance policy that states the value of what is insured
Under a valued policy, the insurer may not go behind the policy and show that the insured's interest is worth less than the amount of the policy.