From Longman Business Dictionaryagreed-value insuranceˌagreed-ˈvalue inˌsurance [uncountable]INSURANCE insurance against total loss of property or CARGOes where the amount insured is agreed at the start of the period of insurance, rather than calculated after a claimAll our policies for sailboats are based on agreed-value insurance, and in the event of a total loss we would pay the sum insured - not the current market value as in motor insurance. → insurance
