law: Marine Insurance Act, 1963 
  69. Partial loss of ship
  Where a ship is
  
  damaged, but is not totally lost, the measure of indemnity subject to any
  
  express provision in the policy, is as follows-
  (1) where the ship has
  
  been repaired, the assured is entitled to the reasonable cost of the repairs,
  
  less  the customary deductions, but not exceeding the sum insured in
  
  respect of any one casualty;
  (2) where the ship has
  
  been only partially repaired, the assured is entitled to the reasonable cost of
  
  such repairs, computed as above, and also to be indemnified for the reasonable
  
  depreciation, if any, arising from the unrepaired damage, provided that the
  
  aggregate amount shall not exceed the cost of repairing the whole damage,
  
  computed as above;
  (3) where the ship has
  
  not been repaired, and has not been sold in her damaged state during the risk,
  
  the assured is entitled to be indemnified for the reasonable depreciation
  
  arising from the unrepaired damage, but not exceeding the reasonable cost of
  
  repairing such damage, computed as above;
  (4) where the ship has
  
  not been repaired, and has been sold in her damaged state during the risk, the
  
  assured is entitled to be indemnified for the reasonable cost of repairing the
  
  damage, computed as above, but not exceeding the depreciation in value as
  
  ascertained by the sale.