law: Marine Insurance Act, 1963 
  71. Partial loss of goods, merchandise, etc. 
  Where there is a
  
  partial loss of goods, merchandise, or other movables, the measure of
  
  indemnity, subject of any express provision in the policy, is as follows:-
  (1) where part of the
  
  goods, merchandise or other movables insured by a valued policy is totally
  
  lost, the measure of indemnity is such proportion of the sum fixed by the
  
  policy as the insurable value of the part lost bears to the insurable value of
  
  the whole ascertained as in the case of an unvalued policy;
  (2) where part of the
  
  goods, merchandise or other movables insured by an unvalued policy is totally
  
  lost, the measure of indemnity is the insurable value of the part lost,
  
  ascertained as in case of total loss;
  (3) where the whole or
  
  any part of the goods or merchandise insured has been delivered damaged at its
  
  destination, the measure of indemnity is such proportion of the sum fixed by
  
  the policy in the case of a valued policy, or of the insurable value in the
  
  case of an unvalued policy, as the difference between the gross sound and
  
  damaged values at the place of arrival bears to the gross sound value;
  (4) "Gross
  
  value" means the wholesale price, or, if there be no such price, the
  
  estimated value, with, in either case, freight, landing charges, and duty paid
  
  beforehand; provided that, in the case of goods or merchandise customarily sold
  
  in bond, the bonded price is deemed to be the gross value. "Gross
  
  proceeds" means the actual price obtained at a sale where all charges on
  
  sale are paid by the sellers.