Which section of the Marine Insurance Act, 1963 talks of a 'valued policy'? Define.

Section 29 of the Marine Insurance Act, 1963 talks of a valued policy. A Valued Policy is a policy which specifies the agreed value of the subject matter insured. Subject to the provisions of this Act and in the absence of fraud, the value fixed by the Policy is, as between the Insurer and the Assured conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial. Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss. U/S 30 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.