Click here to add us to your favorites




insurable value

Definition

Replacement cost or actual cash value of a building for which standard insurance policies provide indemnity cover. Insurable value is less than the property's appraised or market value because it excludes the value of land on which the building stands. The formula for computing the insurable value is usually stated in the valuation clause of a policy document. See also insured value.

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z