Section 30 of the Marine Insurance Act, 1963 – Unvalued policy

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Section 30: Unvalued policy

An unvalued policy is a policy which does not specify the value of the subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore explained.

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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