In a case of partial loss, a marine insurer is liable 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 subject matter.
Cal. Ins. Code § 1988
Loss in Marine Insurance
Applied in 1 court decision — leading case 28 F. Supp. 3d 1110 - McAdam v. State National Insurance (2014)
Most recently applied in 28 F. Supp. 3d 1110 - McAdam v. State National Insurance (June 2014)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.