The claimants insured their yacht with the defendants for a value as certified by an independent valuer. The defendants claimed he had misrepresented the value in the proposal. The words ‘sum insured’ indicated a ceiling on a claim on an unvalued policy. There was no indication from the insurers on the proposal form that they would agree the value, but rather they asked only for the value to be insured. The policy was therefore an unvalued policy.
Citations:
Gazette 23-Mar-2000, Times 31-Mar-2000
Statutes:
Insurance
Updated: 09 April 2022; Ref: scu.82876