Valued policy laws in some jurisdictions address settlement for specified total property losses.
The distinction that matters
They do not establish a universal Australian right to the full sum insured after every total loss.
What to check
- Identify the applicable jurisdiction.
- Read valuation and settlement terms.
- Check insured event and exclusions.
Example to discuss
An owner checks the governing policy and law rather than treating an overseas statute as an Australian guarantee.
This is a hypothetical comparison, not a customer claim or a determination of cover.
Sources and further reading
General information only. The policy, schedule and applicable rules determine the actual position. For a personal decision, use an appropriately qualified adviser or the relevant provider.