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2019 California Code
Insurance Code - INS
DIVISION 2 - CLASSES OF INSURANCE
PART 1 - FIRE AND MARINE INSURANCE
CHAPTER 1 - The Marine Contract
ARTICLE 5 - Loss in Marine Insurance
Section 1997.
Universal Citation:
CA Ins Code § 1997 (2019)
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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.)
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