Study Works Of Art Valued Insurance Legal Mechanisms

Insurance Law of PRC allows the parties to the property insurance contract to agree on the insurable value and specify it in the contract. When the subject matter insured loss, the agreed insurance value can be used as the calculation basis for compensation. In the insurance theory, such kind of contract is called Valued Insurance. Because of the value of art work is difficult to ascertain, in actual operation, art insurance generally use valued policy. The insurable value in the valued policy is ascertained prior to the occurrence of the insured risked, which is help to lower the cost of insurance indemnification and improve the efficiency of indemnification, but is meanwhile easy to arouse moral risk:through agreeing on the insurable value that is obviously inconsistent with the real value, the applicant might thus gain extra interest during insurance compensation. That is also a main cause of art insurance developing slow in our country.From the art law's perspective, this paper explain what is insurable value, sum insured, and analyze the relationship between art valued insurance and The basic principles of insurance law. In order to solve the problem 'excess valued' which may be appear in art valued insurance, this paper will give some related legal suggestions.Aim at above-mentioned research purposes, this paper will use the theory research method, expound the concept of insurable value, sum insured, real economic value and the relationship between them. By using the comparative research method, contrasting insurance law of foreign country and Taiwan district, differentiate 'good faith' and 'bad faith' in 'excess valued', differentiate the legal attitude to'slightly exceed' and 'considerably exceed', the paper will put forward the reasonable suggests for art insurance disputes. The paper will use the case analysis method, we can comprehend art valued insurance in judicial application, by analyzing a judicial case of Taiwan's Supreme Court.