law: Marine Insurance Act, 1963 
  18. Measure of insurable value 
  Subject to any express
  
  provision or valuation in the policy, the insurable value of the subject-matter
  
  insured must be ascertained as follows:-
  (1) In insurance on
  
  ship, the insurable value is the value, at the commencement of the risk, of the
  
  ship, including her outfit, provisions, and stores for the officers and crew,
  
  money advanced for seamen's wages, and other disbursements (if any) incurred to
  
  make the ship fit for the voyage or adventure contemplated by the policy, plus
  
  the charges of insurance upon the whole:
  The insurable value,
  
  in the case of a steamship, includes also the machinery, boilers, and coals and
  
  engine stores if owned by the assured; in the case of a ship driven by power
  
  other than steam includes also the machinery and fuels and engine stores, if
  
  owned by the assured; and in the case of a ship engaged in a special trade,
  
  includes also the ordinary fittings requisite for that trade:
  (2) In insurance on
  
  freight, whether paid in advance or otherwise, the insurable value is the gross
  
  amount of the freight at the risk of the assured, plus the charges of
  
  insurance:
  (3) In insurance on
  
  goods or merchandise, the insurable value is the prime cost of the property
  
  insured, plus the expenses of and incidental to shipping and the charges of
  
  insurance upon the whole:
  (4) In insurance on
  
  any other subject- matter, the insurable value is the amount at the risk of the
  
  assured when the policy attaches, plus the charges of insurance.