Cayman Islands Insurance Association (CIIA) recently hosted an Introduction to Third Party Claims & Effective Claims Management Seminar on November 24-25, 2025.
Introduction to Third Party Claims & Effective Claims Management Seminar
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BASIS OF VALUATION
In marine insurance, a clause inserted in an open cover policy defining the basis of an acceptable Insured value in respect of shipments that are declared ‘late’. The basis normally includes the invoice cost of the goods plus insurance charges, freight and a fixed percentage representing the profit to the seller.