Marine Insurance Act : Total loss. Indian Bare Acts :

Marine Insurance Act,1963

Act No : 11

Section : Total loss.

68. 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.