Marine Insurance Act : Effect of under insurance. Indian Bare Acts :

Marine Insurance Act,1963

Act No : 11

Section : Effect of under insurance.

81. Effect of under insurance. Where the assured is insured for an amount less than the insurable value, or, in the case of a valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance. RETURN OF PREMIUM