(1)In insurance on ship, the insurable value is the value, at the commencement of the risk of the ship, including her outfit provisions, and stores for the officers and crew, money advanced for seamen's wages, and other disbursements, if any incurred to make the ship fit for the voyage or adventure contemplated by the policy, plus the charges of insurance upon the whole.The insurable value, in the case of a steamship, includes also the machinery, boilers, and coals and engine stores if owned by the assured; in the case of a ship driven by power other than steam includes also the machinery and fuels and engine stores, if owned by the assured; and in the case of a ship engaged in a special trade, includes also the ordinary fittings requisite for that trade.
