Commercial Maritime Law

1. Without prejudice to the provisions of Article 302 of this Law, if the value of a vessel is agreed upon in the insurance contract, such value may not be contested except in the case of contribution to general average losses or maritime rescue expenses, in accordance with Article 319 of this Law. 2. The agreed value shall include the vessel's hull and engines, as well as the appurtenances owned by the insured, including the supplies and the costs of equipping the vessel for the voyage. 3. Any insurance contract, irrespective of its date, which covers only the appurtenances owned by the insured shall, in the event of total loss or abandonment, result in a reduction of the agreed value of the vessel equal to the value of the insured appurtenances.