California Insurance Code 1993 – If cargo insured against partial loss arrives at the port of …
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If cargo insured against partial loss arrives at the port of destination in a damaged condition, the loss of the insured is computed as follows:
(a) Deduct the market price, at port of destination, of the damaged subject matter from its market price there when sound.
Terms Used In California Insurance Code 1993
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) Take that proportion of the value which the remainder thus ascertained bears to such market price when sound.
(Enacted by Stats. 1935, Ch. 145.)