Section 74: General average contributions and salvage charges.

(1) Subject to any express provision in the policy, where the assured has paid, or is liable for any general average contribution, the measure of indemnity is the full amount of such contribution, if the subject-matter liable to contribution is insured for its full contributory value. If the subject-matter is not insured for its full contributory value, or if only part of it is insured, the indemnity payable by the insurer shall be reduced in proportion to the under insurance; and where there has been a particular average loss which constitutes a deduction from the contributory value, and for which the insurer is liable, that amount shall be deducted from the insured value in order to ascertain what the insurer is liable to contribute.
(2) Where the insurer is liable for salvage charges the extent of his liability shall be determined on the like principle.