GENERAL KNOWLEDGE

Detailed explanation-1: -(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.

Detailed explanation-2: -10. Partial interest.-A partial interest of any nature is insurable. (1) The insurer under a contract of marine insurance has an insurable interest in his risk, and may reinsure in respect of it.