Marine Insurance Act, 1963 · Measure of indemnity
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: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.