How does an indemnity operate in non- marine insurance?

An indemnity is for the value of the subject matter insured at the time of its loss, i. e. the insurers will place the assured in the same financial position as he occupied immediately prior to his loss. That is why insurers will assess the value of a written-off car before paying a claim.

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How does an indemnity operate in marine insurance?

With respect to indemnity, how does the Marine Insurance Act 1906 define a contract of marine insurance?