 If the insured item is, say, a car or a house, the policy will normally give it a "market value" which may be less than the assured had in mind; any disagreement would need to be challenged, perhaps using arbitration.In marine insurance, policies may be valued (where the value of the ship or cargo is agreed) or unvalued (where a market value at the time of the claim would need to be ascertained).In the absence of fraud, the Marine Insurance Act 1906 states the agreed value in a valued policy is conclusive, except in cases of constructive total loss, as in the "Costa Concordia" and "The Bamburi".