CAP. 329]
Marine Insurance.
[1964 Ed.
When and how policy is assignable.
6 Edw. 7 c. 41. s. 50,
Assured who has no interest cannot assign.
6 Edw. 7 c. 41, S. 51.
(d) where reasonably necessary for the safety of the ship or subject-matter insured; or
(e) for the purpose of saving human life, or aiding a ship in distress where human life may be in danger; or
(f) where reasonably necessary for the purpose of obtaining medical or surgical aid for any person on board the ship; or
(g) where caused by the barratrous conduct of the master or crew, if barratry be one of the perils insured against.
(2) When the cause excusing the deviation or delay ceases to operate, the ship must resume her course, and prosecute her voyage, with reasonable dispatch.
ASSIGNMENT OF POLICY.
50. (1) A marine policy is assignable unless it contains terms expressly prohibiting assignment. It may be assigned either before or after loss.
(2) Where a marine policy has been assigned so as to pass the beneficial interest in such policy, the assignee of the policy is entitled to sue thereon in his own name; and the defendant is entitled to make any defence arising out of the contract which he would have been entitled to make if the action had been brought in the name of the person by or on behalf of whom the policy was effected.
(3) A marine policy may be assigned by endorsement thereon or in other customary manner.
51. Where the assured has parted with or lost his interest in the subject-matter insured, and has not, before or at the time of so doing, expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative:
Provided that nothing in this section affects the assignment of a policy after loss.
When premium payable.
6 Edw. 7 c. 41, s. 52.
Policy effected through broker.
6 Edw. 7 c. 41, s. 53.
THE PREMIUM.
52. Unless otherwise agreed, the duty of the assured or his agent to pay the premium, and the duty of the insurer to issue the policy to the assured or his agent, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of the premium.
53. (1) Unless otherwise agreed, where a marine policy is effected on behalf of the assured by a broker, the broker is directly responsible to the insurer for the premium, and the insurer is directly responsible to the assured for the amount which may be payable in respect of losses, or in respect of returnable premium.