In the case of goods insured at market value, their value is assessed:

Question

Quizplus · Accepted Answer

Goods insured at market value are assessed at the date the goods were lost or destroyed. Market value refers to the current value of the goods at the time of the loss or damage, which may be different from the purchase price or the value at the time of insurance. The purpose of market value insurance is to indemnify the insured for their loss, not to provide them with a profit or windfall gain.

In the Case of Goods Insured at Market Value, Their