The Marine Insurance Act, 1963
Section 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.
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