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.