Section 29 of the Marine Insurance Act, 1963 – Valued policy

Home › The Marine Insurance Act, 1963

Section 29: Valued policy

  • (1) A policy may be either valued or unvalued.
  • (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.
  • (3) Subject to the provisions of this Act, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial.
  • (4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.

Source: official text of The Marine Insurance Act, 1963 as published on India Code (PDF). All sections of the Marine Insurance Act, 1963.

Related posts:

  1. The Marine Insurance Act, 1963 – All Sections
  2. Section 71 of the Marine Insurance Act, 1963 – Partial loss of goods, merchandise, etc
  3. Comparison of Section of New Income Tax Bill Vs Old Income Tax Act
  4. Section 34 of the Marine Insurance Act, 1963 – Double insurance