What is unvalued policy ? how is premium added ?

6
FOLLOW

VALUATION OF GOODS USED FOR TRANSPORTATION ARE NOT DECLARED AT THE TIME OF COMMENCEMENT OF VOYAGE. PREMIUM IS PAYABLE EITHER AT DELIVERY OF GOODS OR CASUALTY OCCUR. THE VALUATION IS MADE ON THE MARKET VALUE ON THE DATE OF DELIVERY OR THE CASUALTY. PREMIUM IS PAID BY SHIPPER.