Taxendifferenzversicherung

English translation: agreed value policy

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Taxendifferenzversicherung
English translation:agreed value policy
Entered by: Timothy Wood

16:14 Oct 2, 2018
German to English translations [PRO]
Bus/Financial - Insurance / Marine Insurance
German term or phrase: Taxendifferenzversicherung
The context for this is Austrian marine insurance policy in the opening statements on "interest," i.e., what is the insured interest.

Konditionsdifferenz- und Taxendifferenzversicherung

Es besteht Versicherungsschutz, sofern eine andere Versicherung hinsichtlich Kondition oder Taxe nicht dem Deckungsumfang dieses Vertrages entspricht.

I believe that the term in question has to do with the fact that the insurance policy covers the agreed value of the insured item and not the actual value. That's where the difference comes in, and, that's to say, if a company's cargo has an agreed value of 200k, then even if the actual value is less than that, the company's cargo is covered up to 200k.

I found this other example, which was helpful...

Ist durch Vereinbarung der Versicherungswert auf einen bestimmten Betrag (Taxe) festgesetzt, so ist die Taxe für den Versicherungswert maßgeblich.
If the insured value has been fixed at an agreed value, the latter determines the insured value.


Is there a special insurance term for this?
Timothy Wood
United States
Local time: 00:33
agreed insurable value and interest policy / agreed value policy / valued marine policy
Explanation:
agreed insurable interest and agreed insurable value policy / agreed value policy / valued marine policy

sources:

Section 1: Insurable interest and insurable value - NordicPlan
www.nordicplan.org/Commentary/Part-One/Chapter.../Section-1...
A fixed insurable value is called agreed insurable value, cf. ... Sub-clause 2 states that the sum or sums insured in the insurance contract shall be deemed to constitute agreed insurable value(s) unless the circumstances clearly indicate otherwise.

4 Insurable interest, insurable value and the sum insured - UiO
https://www.uio.no/studier/.../marineinsurancespring16day-2....
26 ene. 2016 - Not common in hull insurance for ocean going ships. – Reason: Must cover mortgage amount. • Agreed insurable value, NP Cl. 2-2/2-3 = as.


Sum Insured and insurable value » Norwegian Hull Club
https://www.norclub.com/...insurance/agreed-value...insured....
The insurable value is the full value of the interest at the inception of the insurance. ... Therefore, the daily sum insured by stating the daily amount in the insurance contract will usually also be the agreed daily insurable value, so that the daily sum insured and the insurable value are one and the same amount.

Agreed value policy - Glossary and acronyms - Lloyd's - The world's ...
https://www.lloyds.com/.../glossary-and-acronyms?...agreed v...
Agreed value policy. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.


Marine Insurance Act
laws-lois.justice.gc.ca/eng/acts/m-0.6/FullText.html?wbdisable... -
23 mar. 2018 - insurable property means any ship, goods or movables; (bien ..... (2) A marine policy is a valued policy if it specifies the agreed value of the ...

What Is Your Ship Worth? - ´Agreed Value´ Policies In Marine Insurance
www.mondaq.com/.../Marine Shipping/What Is Your Ship Wo...
27 nov. 2008 - Marine insurance policies can either specify an agreed value or ... New Zealand Transport DLA Piper Australia 27 Nov 2008. ... (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.

Valued Marine Policy - Investopedia
https://www.investopedia.com/terms/v/valued-marine-policy.as...
A valued marine policy is a type of marine insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel, ...
Selected response from:

andres-larsen
Venezuela
Local time: 02:33
Grading comment
Thanks for your effort on this, Andres. I went with "agreed value policy." It's meaning fits perfectly with the context it was used in.
4 KudoZ points were awarded for this answer



Summary of answers provided
1agreed insurable value and interest policy / agreed value policy / valued marine policy
andres-larsen
Summary of reference entries provided
Konditionsdifferenz-Versicherung engl. difference in conditions insurance
andres-larsen

Discussion entries: 4





  

Answers


4 hrs   confidence: Answerer confidence 1/5Answerer confidence 1/5
agreed insurable value and interest policy / agreed value policy / valued marine policy


Explanation:
agreed insurable interest and agreed insurable value policy / agreed value policy / valued marine policy

sources:

Section 1: Insurable interest and insurable value - NordicPlan
www.nordicplan.org/Commentary/Part-One/Chapter.../Section-1...
A fixed insurable value is called agreed insurable value, cf. ... Sub-clause 2 states that the sum or sums insured in the insurance contract shall be deemed to constitute agreed insurable value(s) unless the circumstances clearly indicate otherwise.

4 Insurable interest, insurable value and the sum insured - UiO
https://www.uio.no/studier/.../marineinsurancespring16day-2....
26 ene. 2016 - Not common in hull insurance for ocean going ships. – Reason: Must cover mortgage amount. • Agreed insurable value, NP Cl. 2-2/2-3 = as.


Sum Insured and insurable value » Norwegian Hull Club
https://www.norclub.com/...insurance/agreed-value...insured....
The insurable value is the full value of the interest at the inception of the insurance. ... Therefore, the daily sum insured by stating the daily amount in the insurance contract will usually also be the agreed daily insurable value, so that the daily sum insured and the insurable value are one and the same amount.

Agreed value policy - Glossary and acronyms - Lloyd's - The world's ...
https://www.lloyds.com/.../glossary-and-acronyms?...agreed v...
Agreed value policy. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.


Marine Insurance Act
laws-lois.justice.gc.ca/eng/acts/m-0.6/FullText.html?wbdisable... -
23 mar. 2018 - insurable property means any ship, goods or movables; (bien ..... (2) A marine policy is a valued policy if it specifies the agreed value of the ...

What Is Your Ship Worth? - ´Agreed Value´ Policies In Marine Insurance
www.mondaq.com/.../Marine Shipping/What Is Your Ship Wo...
27 nov. 2008 - Marine insurance policies can either specify an agreed value or ... New Zealand Transport DLA Piper Australia 27 Nov 2008. ... (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.

Valued Marine Policy - Investopedia
https://www.investopedia.com/terms/v/valued-marine-policy.as...
A valued marine policy is a type of marine insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel, ...

andres-larsen
Venezuela
Local time: 02:33
Native speaker of: Native in EnglishEnglish
PRO pts in category: 26
Grading comment
Thanks for your effort on this, Andres. I went with "agreed value policy." It's meaning fits perfectly with the context it was used in.
Login to enter a peer comment (or grade)




Reference comments


7 mins
Reference: Konditionsdifferenz-Versicherung engl. difference in conditions insurance

Reference information:
Transportversicherung von A bis Z - Konditionsdifferenz-Versicherung
www.tis-gdv.de/tis/taz/k/konditionsdifferenzvers.htm
Konditionsdifferenz-Versicherung engl. difference in conditions insurance. Zusätzliche Deckung für den Fall, dass der Umfang des Versicherungsschutzes und ...

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Note added at 11 mins (2018-10-02 16:25:29 GMT)
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Difference In Conditions (DIC) Insurance - Investopedia
https://www.investopedia.com/.../difference-conditions-dic-i...
Difference in conditions (DIC) insurance is a type of policy that provides expanded coverage for some perils not covered by standard insurance policies. DIC insurance is designed to fill in gaps in insurance coverage and is most frequently used by larger organizations, looking for protection from catastrophic perils.

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Note added at 1 hr (2018-10-02 17:45:52 GMT)
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Versicherungstaxe:

§ 76 VVG Taxe - dejure.org
https://dejure.org/gesetze/VVG/76.html
1 Der Versicherungswert kann durch Vereinbarung auf einen bestimmten Betrag (Taxe) festgesetzt werden. 2 Die Taxe gilt auch als der Wert, den das...


Transportversicherung: Recht und Praxis
https://books.google.com/books?isbn=3834966266 -
Hans-Christoph Enge, ‎Dieter Schwampe - 2012 - ‎Business & Economics
Versicherungstaxe auf Kasko EUR 1,5 Mio. Reparaturkosten und Nebenkosten EUR 1,3 Mio. Keine Reparaturunwürdigkeit! (2) Tatsächlicher Wert des Schiffes ...


Transportversicherung: Recht und Praxis in Deutschland und England
https://books.google.com/books?isbn=3322897044 -
Enge Hans Joachim - 2013 - ‎Law
DM Versicherungstaxe auf Kasko 1,2 Mio. DM Reparaturkosten und Nebenkosten 1,3 Mio. DM Die Reparaturunwürdigkeit ist gegeben. (c) Tatsächlicher Wert ...

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Note added at 1 hr (2018-10-02 17:48:57 GMT)
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Berliner Kommentar zum Versicherungsvertragsgesetz: Kommentar zum ...
https://books.google.com/books?isbn=3642583679 -
Heinrich Honsell - 2013 - ‎Law
Die Taxe gilt auch als der Wert, den das versicherte Interesse zur Zeit des ... HESSE, Die Taxe in der Transportversicherung, VersR 1963, 698; KISCH, Die ...


Carl Ritter: Das Recht der Seeversicherung
https://books.google.com/books?isbn=3110897210 -
2011 - ‎Law
Der Versicherer kann jedoch eine Herabsetzung der Taxe verlangen, wenn die Taxe den wirklichen ... 688 (Die Taxe in der Transportversicherung). Hirschfeld ...

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Note added at 1 hr (2018-10-02 18:14:05 GMT)
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Insurance Contract Act 2008 - Gesetze im Internet
https://www.gesetze-im-internet.de/englisch_vvg/

Translation provided by Ute Reusch. Translation regularly updated by Neil Mussett.

Version information: The translation includes the amendment(s) to the Act by Article 15 of the Act of 19.2.2016 (Federal Law Gazette I p. 254)

Insurance Contract Act 2008

Full citation: Insurance Contract Act of 23 November 2007 (Federal Law Gazette I p. 2631), as last amended by Article 9 of the Act of 20 September 2013 (Federal Law Gazette I p. 2423)


Section 76
Agreed value

The insurable value may be determined by agreeing a certain amount (agreed value). The agreed value shall also be deemed to be the value of the insured interest upon occurrence of the insured event, unless it considerably exceeds the actual insurable value at that point in time. If the sum insured is less than the agreed value, the insurer shall only be liable to compensate the loss in the proportion that the insurable value bears to the agreed value, even if the agreed value is considerably overstated.


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Note added at 2 hrs (2018-10-02 18:21:06 GMT)
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§ 76 VVG Taxe - dejure.org
https://dejure.org/gesetze/VVG/76.html

Versicherungsvertragsgesetz
Teil 1 - Allgemeiner Teil (§§ 1 - 99)
Kapitel 2 - Schadensversicherung (§§ 74 - 99)
Abschnitt 1 - Allgemeine Vorschriften (§§ 74 - 87)
§ 76
Taxe
1Der Versicherungswert kann durch Vereinbarung auf einen bestimmten Betrag (Taxe) festgesetzt werden. 2Die Taxe gilt auch als der Wert, den das versicherte Interesse bei Eintritt des Versicherungsfalles hat, es sei denn, sie übersteigt den wirklichen Versicherungswert zu diesem Zeitpunkt erheblich. 3Ist die Versicherungssumme niedriger als die Taxe, hat der Versicherer, auch wenn die Taxe erheblich übersetzt ist, den Schaden nur nach dem Verhältnis der Versicherungssumme zur Taxe zu ersetzen.

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Note added at 2 hrs (2018-10-02 18:29:21 GMT)
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agreed values in indemnity in marine insurance:

Legal and documentary aspects of the marine insurance ... - UNCTAD
unctad.org/en/PublicationsLibrary/tdbc4ISL27Rev.1_en.pdf
97–191. A. The legal regime common to both hull and cargo insurance ........ 99–136 ... Insurable interest as a factor in the enforceability of the marine insurance contract: ... The effect of agreed values on indemnity for general average contributions .... (a) Uniform clauses for marine, land and air transport insurance. 2. At the ...

andres-larsen
Venezuela
Native speaker of: Native in EnglishEnglish
PRO pts in category: 26
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