sec.341What is notional value or notional reduction in value of property for statutory compensation

### sec.341 What is notional value or notional reduction in value of property for statutory compensation The notional value of property that is the subject of loss is the amount that would have been received for the property if, at the place where it was destroyed, it had been sold under a lawful direction immediately before it was destroyed. The notional reduction in value of property that is the subject of damage is the difference between the following amounts— the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately before it was damaged; the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately after it was damaged. For this chapter, property is taken to be the subject of damage rather than loss if, despite its being destroyed, what remains of it still has some commercial value. In this section— sold under a lawful direction , in relation to property, means sold at the highest price reasonably obtainable, but under the lawful direction of a person who is required to agree to, and to complete, the sale of the property without delay and without reference to whether the owner of the property would be a willing seller at the price obtained. (sec.341-ssec.1) The notional value of property that is the subject of loss is the amount that would have been received for the property if, at the place where it was destroyed, it had been sold under a lawful direction immediately before it was destroyed. (sec.341-ssec.2) The notional reduction in value of property that is the subject of damage is the difference between the following amounts— the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately before it was damaged; the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately after it was damaged. (sec.341-ssec.3) For this chapter, property is taken to be the subject of damage rather than loss if, despite its being destroyed, what remains of it still has some commercial value. (sec.341-ssec.4) In this section— sold under a lawful direction , in relation to property, means sold at the highest price reasonably obtainable, but under the lawful direction of a person who is required to agree to, and to complete, the sale of the property without delay and without reference to whether the owner of the property would be a willing seller at the price obtained. - (a) the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately before it was damaged; - (b) the amount that would have been received for the property if, at the place where it was damaged, it had been sold under a lawful direction immediately after it was damaged.