Valued policy

1.

(Fire Insurance) A policy in which the value of the goods, property, or interest insured is specified; - opposed to open policy.

VALUED POLICY. A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. 1 Bouv. Inst. n. 1230.