1964 Ed.]
Marine Insurance.
[CAP. 329
72. (1) Where different species of property are insured under a single valuation, the valuation must be apportioned over the different species in proportion to their respective insurable values, as in the case of an unvalued policy. The insured value of any part of a species is such proportion of the total insured value of the same as the insurable value of the part bears to the insurable value of the whole, ascertained in both cases as provided by this Ordinance.
(2) Where a valuation has to be apportioned, and particulars of the prime cost of each separate species, quality, or description of goods cannot be ascertained, the division of the valuation may be made over the net arrived sound values of the different species, qualities, or descriptions of goods.
73. (1) Subject to any express provision in the policy, where the assured has paid, or is liable for, any general average contribution, the measure of indemnity is the full amount of such contribution, if the subject-matter liable to contribution is insured for its full contributory value; but, if such subject-matter be not insured for its full contributory value, or if only part of it be insured, the indemnity payable by the insurer must be reduced in proportion to the under insurance, and where there has been a particular average loss which constitutes a deduction from the contributory value, and for which the insurer is liable, that amount must be deducted from the insured value in order to ascertain what the insurer is liable to contribute.
(2) Where the insurer is liable for salvage charges the extent of his liability must be determined on the like principle.
74. Where the assured has effected an insurance in express terms against any liability to a third party, the measure of indemnity, subject to any express provision in the policy, is the amount paid or payable by him to such third party in respect of such liability.
75. (1) Where there has been a loss in respect of any subject-matter not expressly provided for in the foregoing provisions of this Ordinance, the measure of indemnity shall be ascertained, as nearly as may be, in accordance with those provisions, in so far as applicable to the particular case.
(2) Nothing in the provisions of this Ordinance relating to the measure of indemnity shall affect the rules relating to double insurance, or prohibit the insurer from disproving interest wholly or in part, or from showing that at the time of the loss the whole or any part of the subject-matter insured was not at risk under the policy.
Apportionment
of valuation.
6 Edw. 7 c. 41, s. 72.
23
General average
contributions and
salvage charges.
6 Edw. 7 c. 41, s. 73.
Liabilities to
third parties.
6 Edw. 7 c. 41, s. 74.
General provisions
as to measure of
indemnity.
6 Edw. 7 c. 41, s. 75.
1964 Ed.]
Marine Insurance.
[CAP. 329
72. (1) Where different species of property are insured under a single valuation, the valuation must be apportioned over the different species in proportion to their respective insurable values, as in the case of an unvalued policy. The insured value of any part of a species is such proportion of the total insured value of the same as the insurable value of the part bears to the insurable value of the whole, ascertained in both cases as provided by this Ordinance.
(2) Where a valuation has to be apportioned, and particulars of the prime cost of each separate species, quality, or description of goods cannot be ascertained, the division of the valuation may be made over the net arrived sound values of the different species, qualities, or descriptions of goods.
73. (1) Subject to any express provision in the policy, where the assured has paid, or is liable for, any general average con- tribution, the measure of indemnity is the full amount of such contribution, if the subject-matter liable to contribution is insured for its full contributory value; but, if such subject-matter be not insured for its full contributory value, or if only part of it be insured, the indemnity payable by the insurer must be reduced in proportion to the under insurance, and where there has been a particular average loss which constitutes a deduction from the con- tributory value, and for which the insurer is liable, that amount must be deducted from the insured value in order to ascertain what the insurer is liable to contribute.
(2) Where the insurer is liable for salvage charges the extent of his liability must be determined on the like principle.
74. Where the assured has effected an insurance in express terms against any liability to a third party, the measure of indemnity, subject to any express provision in the policy, is the amount paid or payable by him to such third party in respect of such liability.
75. (1) Where there has been a loss in respect of any subject-matter not expressly provided for in the foregoing provi- sions of this Ordinance, the measure of indemnity shall be ascer- tained, as nearly as may be, in accordance with those provisions, in so far as applicable to the particular case.
(2) Nothing in the provisions of this Ordinance relating to the measure of indemnity shall affect the rules relating to double insurance, or prohibit the insurer from disproving interest wholly or in part, or from showing that at the time of the loss the whole or any part of the subject-matter insured was not at risk under the policy.
Apportionment
of valuation.
6 Edw. 7 c. 41, s. 72.
23
General average contributions and salvage charges.
6 Edw. 7 c. 41, 8. 73.
Liabilities to third parties.
6 Edw. 7 c. 41, 5. 74.
General provisions as to measure of indemnity. 6 Edw. 7 c. 41. 5. 75.
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