Report No. 21

Clause 25

General.-This deals with unvalued policies and leaves the insurable value to be subsequently ascertained. The words "in the manner hereinbefore specified" refer obviously to section 16 of the English Act. If the sum so ascertained exceeds the sum insured, there is under-insurance. If it is less than the sum insured, there is over-insurance which leads to a rateable return of the premium in respect of the amount of the over-insurance [see section 84(3) (e) of the English Act]. Even in the case of unvalued policies, the assured has to give credit for sums received under any other policy, as provided by section 32(2) (c) of the English Act.