Colombian Trade Code Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter II - Insurable value - Art 1709
CHAPTER II Insurable value Section 1709 .- The insurable value is determined as follows: 1. In the insurance of the ship shall be considered as the value of it with its accessories to the date of commencement of insurance. The parties may include the insurable value in military spending and procurement of the ship and the cost of insurance. 2. The freight insurance, the insurable value shall be the amount thereof to the insured risk, plus the cost of insurance, and 3. The insurance of goods shall consist of the cost of them in the destination, plus a reasonable percentage of lost earnings.