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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.

Marine Insurance Act, 1963 Back

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