(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.
Chapter I — Full Text
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(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.
Printed from Law on Tips • The Marine Insurance Act, 1963