Commonwealth Consolidated Acts

MARINE INSURANCE ACT 1909 - SECT 74

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:

(a)

if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy:

(b)

if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.