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MARINE INSURANCE ACT 1906 - SECT 16

16. Subject to any express provision or valuation in the policy, the insurable
value of the subject-matter insured must be ascertained as follows:

(1)In insurance on ship, the insurable value is the value, at the commencement
of the risk, of the ship, including her outfit, provisions and stores for the
officers and crew, money advanced for seamen's wages, and other disbursements
(if any) incurred to make the ship fit for the voyage or adventure
contemplated by the policy, plus the charges of insurance upon the whole:(2)In
insurance on freight, whether paid in advance or otherwise, the insurable
value is the gross amount of the freight at the risk of the assured, plus the
charges of insurance:

(3)In insurance on goods or merchandise, the insurable value is the prime cost
of the property insured, plus the expenses of and incidental to shipping and
the charges of insurance upon the whole:

(4)In insurance on any other subject-matter, the insurable value is the amount
at the risk of the assured when the policy attaches, plus the charges of
insurance.

Insurance is uberrimae fidei.

© 1906 Crown Copyright

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