SEC. 156. A valuation in a policy of marine insurance is
conclusive between the parties thereto in the adjustment of either a
partial or total loss, if the insured has some interest at risk, and
there is no fraud on his part; except that when a thing has been
hypothecated by bottomry or respondentia, before its insurance, and
without the knowledge of the person actually procuring the insurance, he
may show the real value. But a valuation fraudulent in fact, entitles
the insurer to rescind the contract.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗ · Data as of July 4, 2026
CitationPD 612 (The Insurance Code) Section 156 (LawPlayer, data as of July 4, 2026)
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
