Unless the policy otherwise provides , where a declaration of value is not made until after notice of loss or arrival , the policy must be treated as an unvalued policy as regards the subject to matter of that declaration
2.
An unvalued policy is a policy which does not specify the value of the subject - matter insured , but , subject to the limit of the sum insured , leaves the insurable value to be subsequently ascertained , in the manner herein before specified
3.
Where there is a loss recoverable under the policy , the insurer , or each insurer if there be more than one , is liable for such proportion of the measure of indemnity as the amount of his subscription bears to the value fixed by the policy in the case of a valued policy , or to the insurable value in the case of an unvalued policy
4.
Subject to any express provision in the policy , where there is a partial loss of freight , the measure of indemnity is such proportion of the sum fixed by the policy , in the case of a valued policy or of the insurable value , in the case of an unvalued policy , as the proportion of freight lost by the assured bears to the whole freight at the risk of the assured under the policy
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