Singapore legislation
Section 68
Section 68
Total loss
Subject to the provisions of this Act and to any express provision in the policy, where there is a total loss of the subject‑matter insured —
(a)
if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy;
(b)
if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject‑matter insured.