Section 68
Total loss.
The Marine Insurance Act, 1963
About this Act
An Act to codify the law relating to marine insurance.
Subject to the provisions of this Act, and to any express provision in the policy,
where there is a total loss of the subject-matter insured--
(1) if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy;
(2) if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.
(1) if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy;
(2) if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.