law: Marine Insurance Act, 1963 
  67. Extent of liability of insurer for loss 
  (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.
  (2) Where there is a
  
  loss recoverable under the policy, the insurer, or each insurer if there be
  
  more than one, is liable for such proportion of the measure of indemnity as the
  
  amount of his subscription bears to the value fixed by the policy in the case
  
  of a valued policy, or to the insurable value in the case of an unvalued policy
  
  .