Valued and Unvalued Policies :

Sections 29 and 30 recognise Valued and Unvalued Policies. A Valued Policy is one where the value of the insured property is ascertained in advance at the time of issuance of the policy. This value is conclusive whether or not the loss is total or partial. An Unvalued Policy, on the other hand, does not ascertain or fix the value in advance, but, subject to the sum assured under the policy, allows the value to be fixed subsequently.