Cal. Insurance Code - INS § 410. Section 410.
A policy is either open or valued.
ARTICLE 2. Types of Policies [410. - 413.]
Cal. Insurance Code - INS 2.
in effectCal. Insurance Code - INS § 411. Section 411.
An open policy is one in which the value of the subject matter is not agreed upon, but is left to be ascertained in case of loss.
Cal. Insurance Code - INS § 412. Section 412.
A valued policy is one which expresses on its face an agreement that the thing insured shall be valued at a specified sum.
Cal. Insurance Code - INS § 413. Section 413.
A running policy is one which contemplates successive insurances, and which provides that the object of the policy may be from time to time defined, especially as to the subjects of insurance, by additional statements or indorsements.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026