Defined in the Marine Insurance Act 1906, s.71(4), as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid. ‘Gross proceeds’ is the price obtained at a sale, all charges on sale being paid by the seller (Marine Insurance Act 1906, s.73).
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Gross value means the wholesale price of goods or merchandise or, if there be no such price, the estimated value with, in either case, freight, landing charges, and duty paid beforehand.