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MARINE INSURANCE ACT 1906 - SECT 71

Partial loss of goods, merchandise, &c.

71. Where there is a partial loss of goods, merchandise, or other moveables,
the measure of indemnity, subject to any express provision in the policy, is
as follows:

(1)Where part of the goods, merchandise or other moveables insured by a valued
policy is totally lost, the measure of indemnity is such proportion of the sum
fixed by the policy as the insurable value of the part lost bears to the
insurable value of the whole, ascertained as in the case of an unvalued
policy:

(2)Where part of the goods, merchandise, or other moveables insured by an
unvalued policy is totally lost, the measure of indemnity is the insurable
value of the part lost, ascertained as in case of total loss:

(3)Where the whole or any part of the goods or merchandise insured has been
delivered damaged at its destination, the measure of indemnity is such
proportion of the sum fixed by the policy in the case of a valued policy, or
of the insurable value in the case of an unvalued policy, as the difference
between the gross sound and damaged values at the place of arrival bears to
the gross sound value:

(4)"Gross value" means the wholesale price or, if there be no such price, the
estimated value, with, in either case, freight, landing charges, and duty paid
beforehand; provided that, in the case of goods or merchandise customarily
sold in bond, the bonded price is deemed to be the gross value. "Gross
proceeds" means the actual price obtained at a sale where all charges on sale
are paid by the sellers.

© 1906 Crown Copyright

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