VALUATION. The act of ascertaining the worth of a thing; or it is the
estimated worth of a thing.
2. It differs from price, which does not always afford a true criterion
of value, for a thing may be bought very dear or very cheap. In some
contracts, as in the case of bailments or insurances, the thing bailed or
insured is sometimes valued at the time of making the contract, so that if
lost, no dispute may arise as to the amount of the loss. 2 Marsh. Ins. 620;
1 Caines, 80; 2 Caines 30; Story, Bailm. Sec. 253, 4; Park Ins. 98; Wesk.
Ins. h.t.; Stev. on Av. part 2; Ben. on Ins. ch. 4.