Report No. 21

69. 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 measure of indemnity is the insurable value of the subject-matter insured.

[Cf. section 68, English Act]