The insured value is the value of the insured interest (§51 VVG - German Insurance Contract Act). → Insurance Contract Act). In the case of an insured item, the value of the item is deemed to be the insured value, unless the circumstances dictate otherwise (§ 52 VVG). The value of an item can be defined by: Common value, current value and replacement value. The insured value, like the → Sum insured a limitation of the → Indemnification. Due to the prevailing prohibition of enrichment, an insurance company may not pay more than the insured loss up to a maximum of the insured value.

Source reference: See VDT publication "VDT article series part 5 l Glossary" and the source indicated there.