Section 68. Total loss

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.