What is measured in terms of the best price attainable in the market at the time of the loss?

Market value refers to the price that an asset would fetch in the marketplace at a particular point in time, considering current supply and demand conditions. In the context of a loss, measuring in terms of market value signifies looking at what the asset could be sold for immediately, reflecting the best price that is attainable in the market at that moment. This measurement is particularly relevant for insurance claims, where determining the current worth of lost or damaged property often relies on its market value to ensure that the policyholder receives adequate compensation reflective of real-world conditions.

Other terms such as book value, replacement value, and future value pertain to different concepts. Book value relates to the value of an asset as recorded on the balance sheet, which often does not reflect current market conditions. Replacement value considers the cost to replace an asset with a similar one at current prices, while future value projects what an asset might be worth at a later date, taking into account potential growth or changes in valuation over time.