Report No. 21
General.-This deals with the extent of liability of the insurer for the loss.
Distinction between valued and unvalued policies.-The sum which the assured can recover is restricted-
(a) in the case of a valued policy,1 to the full extent of the value fixed by the policy;
(b) in the case of an unvalued policy, to the full extent of the insurable value.
1. See section 27 of the English Act-clause 24.