ABSTRACT
In addition to the indemnity under the insurance contract, the assured can recover interest and costs,8 but these are matters of procedural law and fall outside the contractual indemnity itself.
marine cargo insurance is to insure on a valued policy basis, typically with the agreed value being the c.i.f. value of the cargo plus 10% for notional profit.9 Where the policy is a valued policy the assured recovers, as the measure of indemnity, the value fixed by the policy. In the absence of fraud,10 this agreed value is conclusive between assured and insurer whatever the true value of the cargo. The question of what amounts to a valued policy is considered in the next section.11
