Section 81 TMIA (The Marine Insurance Act, 1963): Effect of under insurance .-Where the assured is insured for an amount less than the insurable value, or, in the case of valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance | Law on Tips | Law on Tips
Effect of under insurance .-Where the assured is insured for an amount less than the insurable value, or, in the case of valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance