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.
insurable value is in the Accounting & Auditing, Banking, Commerce & Finance and General, Marine, & Life Insurance subjects.
insurable value appears in the definitions of the following terms: coinsurance clause, insured value and average
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