Section 68 of the Marine Insurance Act, 1963 – Total loss

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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.

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

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