California Insurance Code

§ 1992

INS § 1992Div. 2 · Part 1 · Ch. 1 · Art. 5

Statute text

In estimating a loss under an open policy of marine insurance, the following rules are to be observed:

(a)The value of a ship is its value at the beginning of the risk, including all articles or charges which add to its permanent value or which are necessary to prepare it for the voyage insured.

(b)The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:

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Legislative history

Enacted by Stats. 1935, Ch. 145.