market value clause
A property insurance endorsement or provision establishing market value (rather
than actual cash value (ACV) or replacement cost (RC) value) as the valuation
basis for covered property. Usually used in connection with agricultural products
and other commodities whose value fluctuates in accordance with a commodities
exchange. Also occasionally used as the valuation basis for a building.
Links for IRMI Online Subscribers Only:
CPI IV.D,
VI.N and VI.N