§ 2731. If an insurer refuses to accept a valid abandonment, he is liable as upon an actual total loss, deducting from the amount any proceeds of the thing insured which may have come to the hands of the insured. § 2732. If a person insured omits to abandon, he may nevertheless recover his actual loss. Duties and Authority of Port Wardens. Polit. Code, §§ 2501-2511 ARTICLE IX. MEASURE OF INDEMNITY. SECTION 2736. Valuation, when conclusive 2737. Partial loss. 2738. Profits. 2739. Valuation apportioned. 2740. Valuation applied to profits. 2742. Arrival of thing damaged. 2743. Labor and expenses. 2744. General average. 2745. Contribution. 2746. One third new for old. § 2736. A valuation in a policy of marine insurance is conclusive between the parties thereto in the adjustment of either a partial or total loss, if the insured has some interest at risk, and there is no fraud on his part; except that when a thing has been hypothecated by bottomry or respondentia, before its insurance, and without the knowledge of the person actually procuring the insurance, he may show the real value. But a valuation fraudulent in fact entitles the insurer to rescind the contract. § 2737. A marine insurer is liable upon a partial loss, only for such proportion of the amount insured by him as the loss bears to the value of the whole interest of the insured in the property insured. § 2738. Where profits are separately insured in a con tract of marine insurance, the insured is entitled to recover in case of loss, a proportion of such profits equivalent to the proportion which the value of the property lost bears to the value of the whole. § 2739. In case of a valued policy of marine insurance on freightage or cargo, if a part only of the subject is exposed to risk, the valuation applies only in proportion to such part. $ 2740. When profits are valued and insured by a contract of marine insurance, a loss of them is conclusively presumed from a loss of the property out of which they were expected to arise, and the valuation fixes their amount. § 2741. In estimating a loss under an open policy of marine insurance, the following rules are to be observed: 1. The value of a ship is its value at the beginning of the risk, including all articles or charges which add to its permanent value, or which are necessary to prepare it for the voyag insured; 2. The value of cargo is its actual cost to the insured, when laden on board, or where that cost cannot be ascertained, its market value at the time and place of lading, adeing the charges incurred in purchasing and placing it on board, but without reference to any losses incurred in raising money for its purchase, or to any drawback on its exportation, or to the fluctuations of the market at the port of destination, or to expenses incurred on the way or on arrival ; 3. The value of freightage is the gross freightage, exclutive of primage, without reference to the cost of earning it; and, 4. The cost of insurance is in each case to be added to the value thus estimated. § 2742. If cargo insured against partial loss arrives at the port of destination in a damaged condition, the loss of the insured is deemed to be the same proportion of the value which the market price at that port, of the thing so damaged, bears to the market price it would have brought if sound. § 2743. A marine insurer is liable for all the expense at tendant upon a loss which forces the ship into port to be repaired; and where it is agreed that the insured may labor for the recovery of the property, the insurer is liable for the expense incurred thereby, such expense, in either case, being in addition to a total loss, if that afterwards occurs. § 2744. A marine insurer is liable for a loss falling upon the insured, through a contribution in respect to the thing in sured, required to be made by him towards a general average loss called for by a peril insured against. § 2745. Where a person insured by a contract of marine insurance has a demand against others for contribution, he may claim the whole loss from the insurer, subrogating him to his own right to contribution. But no such claim can be made upon the insurer after the separation of the interests liable to contribution, nor when the insured, having the right and opportunity to enforce contribution from others, has neglected or waived the exercise of that right. [In effect July 1, 1874.] § 2746. In the case of a partial loss of a ship or its equip ments, the old materials are to be applied towards payment for the new, and whether the ship is new or old, a marine insurer is liable for only two thirds of the remaining cost of the repairs, except that he must pay for anchors and cannon in full, and for sheathing metal at a depreciation of only two and one half per cent. for each month that it has been fastened to the ship. Pol Code, § 2507 CHAPTER III. FIRE INSURANCE. SECTION 2752. False representation. (Repealed 2754. Alteration not increasing risk. 2755. Acts of the insured. 2756. Measure of indemnity. § 2752 of said Code is repealed. [In effect July 1, 1874.] 2753. An alteration in the use or condition of a thing insured from that to which it is limited by the policy, made without the consent of the insurer, by means within the conrol of the insured, and increasing the risk, entitles an insurer to rescind a contract of fire insurance. § 2754. An alteration in the use or condition of a thing insured from that to which it is limited by the policy, which does not increase the risk, does not affect a contract of fire insurance. § 2755. A contract of fire insurance is not affected by any act of the insured subsequent to the execution of the policy, which does not violate its provisions, even though 't increases the risk and is the cause of a loss. § 2756. If there is no valuation in the policy, the meas are of indemnity in an insurance against fire is the expense, at the time that the loss is payable, of replacing the thing lost or injured in the condition in which it was at the time of the injury; but the effect of a valuation in a policy of fire insurance is the same as in a policy of marine insurance. CHAPTER IV. LIFE AND HEALTH INSURANCE. SECTION 2762. Insurance upon life, when payable. 2763. Insurable interest. 2764. Assignee, &c., of life policy need have no interest. 2766. Measure of indemnity. § 2762. An insurance upon life may be made payable on the death of the person, or on his surviving a specified period, or periodically so long as he shall live, or otherwise contin gently on the continuance or determination of life. § 2763. Every person has an insurable interest in the life and health: 1. Of himself; 2. Of any person on whom he depends wholly or in part for education or support; 3. Of any person under a legal obligation to him for the payment of money, or respecting property or services, of which death or illness might delay or prevent the performance; and, 4. Of any person upon whose life any estate or interest ested in him depends. § 2764. A policy of insurance upon life or health may pass by transfer, will, or succession to any person, whether he has an insurable interest or not, and such person may recover upon it whatever the insured might have recovered. § 2765. Notice to an insurer of a transfer or bequest thereof is not necessary to preserve the validity of a policy of insurance upon life or health, unless thereby expressly required. § 2766. Unless the interest of a person insured is susceptible of exact pecuniary measurement, the measure of indemnity under a policy of insurance upon life or health is the sum fixed in the policy. TITLE XII. INDEMNITY. BIOTION 2772. Indemnity, what. 2773. Indemnity for a future wrongful act void. 2776. Indemnity to several. 2777. Person indemnifying liable jointly or severally with person indemnified. 2778. Rules for interpreting agreement of indemnity. 2779. When person indemnifying is a surety. 2780. Bail, what. 2781. How regulated. § 2772. Indemnity is a contract by which one engages to save another from a legal consequence of the conduct of one of the parties, or of some other person. $ 2773. An agreement to indemnify a person against ar act thereafter to be done is void, if the act be known by such person, at the time of doing it, to be unlawful. [Ir effect July 1, 1874.] § 2774. An agreement to indemnify a person against ar Act already done is valid, even though the act was known w be wrongful, unless it was a felony. |