The proper payment for any such total loss will be the Sum Insured.

Underinsurance occurs when Sum Insured is less than Current Value.

Sum Insured is the maximum amount that can be paid out and is only paid out in cases of total destruction.

Compare these with your Contents Sum Insured as shown on your renewal notice:

Our approach to the application of the Excess and the Sum Insured has changed in discussion with the Insurance Ombudsman.

There is no reinstatement of the Sum Insured required in Marine insurance as there is in other classes of business e.g. fire.

Under a Marine Policy the Insurer will be liable to settle successive partial losses even if the total amount of such losses within one Policy period should exceed the Sum Insured.