A policy is either: (a) An open policy which is one wherein the value of the subject matter is not agreed upon but is left to be ascertained in case of loss. An open policy shall not be written on real property for fire insurance or miscellaneous insurance. (b) A valued policy which is one containing on its face an expressed agreement that the thing insured shall be valued at a specified sum. SOURCE: GC § 43356.
Open or Valued
22 GCA § 18307 — under The Contract of Insurance.
22 GCA § 18307