When two or more policies provide coverage, the excess policy would pay any thing after or above that which would be paid by the primary policy or primary insurance.
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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.