California Statutes
§ 1997. — 1997. (Enacted by Stats. 1935, Ch. 145.)
California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 1. PART 1. FIRE AND MARINE INSURANCE·Ch. 1. CHAPTER 1. The Marine Contract·Art. 5. ARTICLE 5. Loss in Marine Insurance
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.
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California § 1997. (1997. (Enacted by Stats. 1935, Ch. 145.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Stats. 1935, Ch. 145.