law: Marine Insurance Act, 1963 
  68. Total loss
  Subject to the
  
  provisions of this Act, and to any express provision in the policy, where there
  
  is a total loss of the subject-matter insured-
  (1) if the policy be a
  
  valued policy, the measure of indemnity is the sum fixed by the policy;
  (2) If the policy be
  
  an unvalued policy, the measures of indemnity is the insurable value of the
  
  subject-matter insured.