Section 68 Total loss.
Subject to the provisions of this Act and to any express provision in the policy, where there is a total loss of the subject-matter insured,—
(1)
If the policy be a valued policy, the measure of indemnity is the sum fixed by the policy:
(2)
If the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.