MARINE INSURANCE ACT 1909 - SECT 74 Total loss
MARINE INSURANCE ACT 1909 - SECT 74
Total lossSubject 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.