Section 348: Property on board

(1)
The claimant shall be entitled to recover damages when property has been lost or damaged in consequence of the collision.
(2)
In the case of property having a commercial value the damages shall be:
(a)
if the property is lost, the claimant shall be entitled to reimbursement of the market value at the port of destination at the time when it should have arrived, less any expenses saved;
(b)
where the market value cannot be determined, the value of the property shall be the shipped value plus freight and the cost of insurance if incurred by the claimant, plus a margin for profit assessed at no more than ten per cent of the value of the property calculated in paragraph (a) of this subsection;
(c)
if the property is damaged, the claimant shall be entitled to damages equal to the difference between the value of the property in sound condition at destination and its value in damaged condition;
(d)
where physical damage to such property arises from the prolongation of the voyage following the collision, the compensation shall be fixed on the same basis, where the loss arises from a fall in the market during such prolongation there shall be no right to damages.
(3)
In the case of any other property the claimant shall be entitled to recover:
(a)
where the property has been lost or is irreparable its value or the reasonable cost of its replacement;
(b)
where the property is damaged and can be repaired; the reasonable cost of repairs, but not exceeding its value or the reasonable cost of its replacement.