Section 19(2) in The Emergency Risks (Goods) Insurance Scheme
(2)The loss as a result of emergency risks in the value of property insured under the scheme shall be computed on the basis of the replacement cost at the prices prevailing at the time that the policy of insurance takes or has taken effect after making due allowance for depreciation upto the time of the occurrence of the loss or damage, or on the basis of the replacement cost at the prices prevailing at the time at which the loss occurs or has occurred, whichever may be less.
