Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter IX - Compensation - From: Section 1752 to: 1765 Art

CHAPTER IX

Compensation

Section 1752 .- The amount of the compensation amount in the policy value is not estimated to amount insurable value, and the estimated value to the value stipulated in the policy.

Section 1753 .- In case of total loss, the amount of compensation shall be equal to the sum stipulated in the policy, if outside the estimated value and insurable value, if it was not.

Section 1754 .- When the ship has been subject to breakdowns that do not imply a total loss, the amount of compensation is determined as follows:

1. If you have not been repaired, the insured is entitled to the reasonable cost of repairs, with the deduction from old to new, but not exceeding the sum insured in respect of any claim;

2. If you have only been partially repaired, the insurer shall be entitled to the reasonable cost of repairs, computed in accordance with the provisions of the preceding paragraph, and be compensated for the depreciation from the unrepaired damage, provided that the total cost does not exceed repair the damage estimated subject to the rule embodied in the ordinal 1st. and

3. If you have not been repaired, or sold in your state of damage, the insured is entitled to be indemnified for the reasonable depreciation from the unrepaired damage, but not exceeding the reasonable cost of repair, computed according to the ordinal 1st.

Section 1755 .- In case of partial loss of freight, observe the following rules:

1. If the policy regardless of their estimated value, the amount of compensation will keep, for the sum stipulated the proportion as between the total loss of freight at the risk of the insured, and

2. If the policy regardless of value not estimated the amount of compensation will keep, in respect of insurable value, the proportion as between the loss of total freight and freight at the risk of the insured.

Section 1756 .- In case of partial loss of things other than the ship and freight, will observe the following rules:

1. Total loss occurs when part of the goods insured and the policy is the estimated value, the amount of compensation shall represent to the sum stipulated in the policy, the ratio of the insurable value of the loss and the insurable value of all determined as in the case of a policy of no value estimate.

If the policy is of value not estimated the amount of compensation shall be equal to the insurable value of the lost, and

2. When malfunction occurs or all of the things insured and the policy is the estimated value, the amount of compensation shall, in respect of the amount fixed, equal to the ratio between the difference of the gross value of the goods in a healthy state and gross value of the same state of damage on the one hand, and the same gross value of the goods in good condition, on the other.

If the policy is of value not estimated the amount of compensation shall be of the insurable value equal to the ratio between the difference of the gross value of the goods in a healthy state and the gross value of the same under average for a hand, and the same value of the goods in good condition, on the other.

Gross value shall mean the price of wholesale, and there be none, the estimated value including freight, unloading charges and taxes paid in advance. But when it comes to things that usually are sold on consignment, means the gross value of the entry price [3o.].

Paragraph .- For purposes of this article, the gross value is calculated at the port of destination of goods.

Section 1757 .- When heterogeneous things secure in a lump sum, it shall be apportioned among them according to their respective insurable values ​​as in the case of a policy of no value estimate. The insured value of any part of one thing saved with the same total value ratio of the insurable value of the part and the insurable value of the whole.

Unable to determine the initial cost of each item, or quality, or description, the distribution of the total sum insured may be taken into consideration the net values ​​of the different things in a healthy state.

Section 1758 .- When the insured pays or is responsible for a general average contribution, the amount of compensation shall be equivalent to the total value of the contribution, if the interest attached to it shall have been insured for their total taxpayer value. If not, or if only part of it shall have been secured, the amount of compensation will be reduced in proportion to the low secure.

When particular average loss which means a deduction from the taxpayer and value for which the insurer is liable, the amount of it be deducted from the insured value in order to determine the general average contribution for the insurer.

An insurer is liable for salvage charges, the amount of compensation will be determined under the same principle.

Section 1759 .- The third party liability insurance, the amount of compensation shall be equal to the sum that the insured has paid or due to the victim as a result of the insurance liability, subject to limitations or restrictions under the policy valid.

Section 1760 .- When the insured item has been guaranteed free from particular average, the insured is not entitled to compensation for partial loss if she is not from a general average sacrifice, unless it consists of a set of packages, in which case the insured entitled to compensation for total loss of one or more of them.

Section 1761 .- When the insured item has been guaranteed completely free from particular average or below a certain percentage, the insurer will be responsible however, rescue expenses incurred to avert a loss covered by insurance.

Section 1762 .- When the object has been secured free from particular average low percentage, may not be added to the particular average loss by a general average loss for the effect of integrating the specified percentage. To this effect will only be taken into consideration the actual harm suffered by the insured object, not including the costs inherent in individuals and the identification and proof of loss.

Section 1763 .- The insurer shall be liable for successive losses even if the total amount of which exceeds the amount insured, unless otherwise specified.

As an unrepaired partial loss or precede compensated a total loss, the insured may claim with respect to the total loss.

Section 1764 .- The policy value not estimated the amount of compensation also subject to Articles 1079 and 1102.

Section 1765 .- In the provisions of this Title, the provisions of Title V, Book IV of this Code relating to insurance see land as the nature of marine insurance.

And regarding the travel policy will be applied, preferably, the rules of Section III, Chapter II of this Title, on the insurance carrier.