Marine Insurance Act, 1963
68. Total loss
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 measures of indemnity is the insurable value of the subject-matter insured.