(s)  Darrell  v.  Tibbetts,  5  Q.  B.  D.  563.
2G2         IIULES  RELATING  TO  PAKTICULAK  CONTRACTS.
time,  varying  with  the  circmnstances  (r/) .  If  even-
tually the  vessel  arrives  safe  she  is  treated  as
abandoned,  and  hecomes  the  property  of  the  imder-
Avriters.
Adjusimciit  of  Lossoi. — The  settlement  between  the
insured  and  the  underwriter  is  styled  the  adjustment,
and  is  usually  settled  on  behalf  of  the  parties  by
their  brokers.  If  an  underwriter  settles  with  the
broker,  the  former  is,  according  to  Lloyd's  rules,
discharged  as  against  the  claims  of  the  insured ;  but
;it  law  this  rule  has  not  been  fidly  recognized,  nor,
unless  it  can  be  shown  that  the  insured  was  aware  of
the  custom,  is  it  likely  that  in  future  a  different  rule
will  prevail  {h).
As  to  the  amounts  allowed — (i)  In  the  case  of  a
partial  loss,  if  the  policy  is  valued,  an  amount  will  be
allowed  proportionate  to  damage  done ;  if  the  policy
is  open  the  insurers  tn^II  have  to  pay  two-thirds  of
the  expenditure  on  the  repairs,  the  other  third  being
an  arbitrary  amount  supposed  to  be  equivalent  to
the  gain  obtained  by  the  owner  by  the  substitution
of  new  materials,  and  work  for  old.  But  on  a  first
voyage  tliej'  must  pay  the  whole,  (ii)  In  the  case
of  a  total  loss,  the  value  of  the  vessel  is  fixed  in  a
valued  policy ;  in  an  open  policy  it  is  calculated.
In  the  case  of  goods,  when  the  policy  is  open,  the
insured  may  recover  the  price  of  the  goods  at  the
port  of  shijiment  in  addition  to  the  commission  and  the
premium  paid  (c)  ;  if  valued  then  the  amount  agreed,

(a)  Maude  and  Pollock,  p.  484.
