1964 Ed.]
Marine Insurance.
[CAP. 329
21
(5) Subject to any express provision in the policy, where the assured has paid, or is liable to pay, a general average contribution in respect of the subject insured, he may recover therefor from the insurer.
(6) In the absence of express stipulation, the insurer is not liable for any general average loss or contribution where the loss was not incurred for the purpose of avoiding, or in connexion with the avoidance of, a peril insured against.
(7) Where ship, freight, and cargo, or any two of those interests, are owned by the same assured, the liability of the insurer in respect of general average losses or contributions is to be determined as if those subjects were owned by different persons.
MEASURE OF INDEMNITY.
67. (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.
68. Subject to the provisions of this Ordinance and to any express provision in the policy, where there is a total loss of the subject-matter insured-
(a) if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy;
(b) if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.
69. Where a ship is damaged, but is not totally lost, the measure of indemnity, subject to any express provision in the policy, is as follows-
(a) where the ship has been repaired, the assured is entitled to the reasonable cost of the repairs, less the customary deductions, but not exceeding the sum insured in respect of any one casualty;
(b) where the ship has been only partially repaired, the assured is entitled to the reasonable cost of such repairs, computed as above, and also to be indemnified for the
Extent of liability of insurer for loss.
6 Edw. 7 c. 41, s. 67.
Total loss.
6 Edw. 7 c. 41. s. 68.
Partial loss of ship.
6 Edw. 7 c. 41, s. 69.