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MARINE INSURANCE ACT 1906 - SECT 67

67.(1) The sum which the assured can recover in respect of a loss on a policy
by which he is insured, in the case of an unvalued policy to the full extent
of the insurable value, or, in the case of a valued policy to the full extent
of the value fixed by the policy, is called the measure of indemnity.

(2) Where there is a loss recoverable under the policy, the insurer, or each
insurer if there be more than one, is liable for such proportion of the
measure of indemnity as the amount of his subscription bears to the value
fixed by the policy in the case of a valued policy, or to the insurable value
in the case of an unvalued policy.

© 1906 Crown Copyright

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