law: Marine Insurance Act, 1963 
  29. Valued policy
  (1) A policy may be
  
  either valued or unvalued.
  (2) A valued policy is
  
  a policy which specifies the agreed value of the subject-matter insured.
  (3) Subject to the
  
  provisions of this Act, and in the absence of fraud, the value fixed by the
  
  policy is, as between the insurer and assured, conclusive of the insurable
  
  value of the subject intended to be insured, whether the loss be total or
  
  partial.
  (4) Unless the policy
  
  otherwise provides, the value fixed by the policy is not conclusive for the
  
  purpose of determining whether there has been a constructive total loss.