California Insurance Code

§ 1971

INS § 1971Div. 2 · Part 1 · Ch. 1 · Art. 5

Statute text

In marine insurance, after abandonment of the subject matter of insurance or of any particular portion thereof which is separately valued by the policy or otherwise separately insured, in a case where the cause of the loss is a peril insured against the insured may recover for a total loss, as described in section 1963, if:

(a)More than half in value of the subject matter is actually lost by such peril, or would have to be expended to recover it from the peril.

(b)The subject matter is injured to such an extent as to reduce its value more than half.

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Legislative history

Enacted by Stats. 1935, Ch. 145.