Agreed Value Extension
What is this?
Agreed value means the sum insured of your horse as listed on your policy has been accepted by Amlin Plus. The acceptance and agreement of the value is done via three methods:
- Acceptance in writing of a written valuation of the horse
- Acceptance in writing of a valuation, which is not necessarily a written valuation
- Acceptance in writing of the purchase price of the horse
The fair market value of the horse shall then be deemed as the Agreed Value.
However if the horse is:
- Entered in any Claiming Race the sum insured automatically reduces to the lowest amount the horse could have been claimed or sold in the race
- Entered but not sold in a public auction, the Agreed Value automatically ceases to apply upon the horse leaving the sales ring and reverts to Fair Market Value only
- Sold in public auction but the sale is subsequently nullified or rescinded, the Agreed Value ceases to apply from fall of hammer and reverts to Fair Market Value only
- Appraised at a lower value by the insured, financial lender or Amlin Plus, then our liability shall be automatically reduced to the lowest amount the horse was appraised for
Additional Condition Precedent
The insured must give Amlin Plus immediate notice in the event of:
- Any change in the circumstances that were the basis of valuation or purchase price accepted by Amlin Plus.
- Any change in the use of the horse that is not stated in the certificate.
- That a mare in the schedule that is stated to be “in foal” and the value accepted on that bases, ceases to be “in foal” then the insured must immediately give notice to Amlin Plus.