What type of policy is written for a specified amount agreed to by both the insurer and the insured?

Market reported policies are based on the prevailing market conditions and do not establish a specific amount agreed upon by the insurer and the insured. Instead, these policies adjust the coverage amount based on market values at the time of a loss, which does not align with the concept of a mutually agreed sum.

Umbrella policies provide additional liability coverage beyond the limits of primary policies. They do not specify a predetermined amount for a particular insured item but rather function as an overarching layer of protection. Therefore, they do not fit the criteria of a policy written for a specified amount agreed upon by both parties.

While mutually endorsed agreements involve both parties coming to a consensus, they do not specifically refer to a policy type that guarantees a set payment amount for losses. The term is too broad and does not capture the essence of a valued policy, which explicitly defines a fixed sum for insured items.