PARTIAL LOSSES (INCLUDING SALVAGE AND GENERAL AVERAGE AND PARTICULAR CHARGES)

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.