Insurance Code - INS
DIVISION 2. CLASSES OF INSURANCE [1880 - 12880.6]
( Division 2 enacted by Stats. 1935, Ch. 145. ) PART 1. FIRE AND MARINE INSURANCE [1880 - 10108.1]
( Part 1 enacted by Stats. 1935, Ch. 145. ) CHAPTER 1. The Marine Contract [1880 - 2010]
( Chapter 1 enacted by Stats. 1935, Ch. 145. ) ARTICLE 5. Loss in Marine Insurance [1960 - 1997]
( Article 5 enacted by Stats. 1935, Ch. 145. ) 1997.
In the case of a partial loss of a ship or its equipments, the old materials are to be applied towards payment for the new. Whether the ship is new or old, a marine insurer is liable for only two-thirds of the remaining cost of the repairs after such deduction, except that anchors and cannon must be paid for in full, and sheathing metal at a depreciation of only two and one-half per cent for each month that it has been fastened to the ship.
(Enacted by Stats. 1935, Ch. 145.)