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Section 67: Extent of liability of insurer for loss.

The Marine Insurance Act, 1963Central Act · Act 11 of 1963

(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.

Where this provision sits

ActThe Marine Insurance Act, 1963
Section67
Marginal noteExtent of liability of insurer for loss.
JurisdictionCentral
StatusIn force as published by the source

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