{"code":"INS","codeName":"Insurance Code","section":"1997","citation":"Ins. Code, § 1997","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 2. CLASSES OF INSURANCE [1880. - 12880.8.]","url":"https://blackletter.si/insurance-code/division-2"},{"name":"PART 1. FIRE AND MARINE INSURANCE [1880. - 10108.1.]","url":"https://blackletter.si/insurance-code/division-2/part-1"},{"name":"CHAPTER 1. The Marine Contract [1880. - 2010.]","url":"https://blackletter.si/insurance-code/division-2/part-1/chapter-1"},{"name":"ARTICLE 5. Loss in Marine Insurance [1960. - 1997.]","url":"https://blackletter.si/insurance-code/division-2/part-1/chapter-1/article-5"}],"history":"Enacted by Stats. 1935, Ch. 145.","effective":null,"html":"<p>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.</p>","text":"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.","otherVersions":[],"url":"https://blackletter.si/insurance-code/loss-in-marine-insurance-1997","source":"California Legislative Information bulk export (pubinfo)"}