1964 Ed.]
Marine Insurance.
[CAP. 329
11
27. (1) A policy may be either valued or unvalued. (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.
(3) Subject to the provisions of this Ordinance, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial.
(4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
Valued policy.
6 Edw. 7 c. 41, s. 27.
28. An unvalued policy is a policy which does not specify the value of the subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore specified.
Unvalued policy.
6 Edw. 7 c. 41. s. 28.
29. (1) A floating policy is a policy which describes the insurance in general terms, and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration.
(2) The subsequent declaration or declarations may be made by endorsement on the policy, or in other customary manner.
(3) Unless the policy otherwise provides, the declarations must be made in the order of dispatch or shipment. They must, in the case of goods, comprise all consignments within the terms of the policy, and the value of the goods or other property must be honestly stated, but an omission or erroneous declaration may be rectified even after loss or arrival, provided the omission or declaration was made in good faith.
(4) Unless the policy otherwise provides, where a declaration of value is not made until after notice of loss or arrival, the policy must be treated as an unvalued policy as regards the subject-matter of that declaration.
30. (1) A policy may be in the form in the Schedule.
(2) Subject to the provisions of this Ordinance, and unless the context of the policy otherwise requires, the terms and expressions mentioned in the Schedule shall be construed as having the scope and meaning in that schedule assigned to them.
31. (1) Where an insurance is effected at a premium to be arranged, and no arrangement is made, a reasonable premium is payable.
(2) Where an insurance is effected on the terms that an additional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.
Floating policy by ship or ships. 6 Edw. 7 c. 41, s. 29.
Construction of terms in policy.
6 Edw. 7 c. 41. s. 30, Schedule.
Premium to be arranged.
6 Edw. 7 c. 41, s. 31.
1964 Ed.]
Marine Insurance.
[CAP. 329
11
27. (1) A policy may be either valued or unvalued. (2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.
(3) Subject to the provisions of this Ordinance, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the sub- ject intended to be insured, whether the loss be total or partial.
(4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
€
Valued policy.
6 Edw. 7 c. 41,
s. 27.
6 Edw. 7 c. 41. s. 28.
28. An unvalued policy is a policy which does not specify Unvalued policy. the value of the subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore specified.
29. (1) A floating policy is a policy which describes the insurance in general terms, and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration.
(2) The subsequent declaration or declarations may be made by endorsement on the policy, or in other customary manner.
(3) Unless the policy otherwise provides, the declarations must be made in the order of dispatch or shipment. They must, in the case of goods, comprise all consignments within the terms of the policy, and the value of the goods or other property must be honestly stated, but an omission or erroneous declaration may be rectified even after loss or arrival, provided the omission or declaration was made in good faith.
(4) Unless the policy otherwise provides, where a declaration of value is not made until after notice of loss or arrival, the policy must be treated as an unvalued policy as regards the subject- matter of that declaration.
30. (1) A policy may be in the form in the Schedule.
(2) Subject to the provisions of this Ordinance, and unless the context of the policy otherwise requires, the terms and expres- sions mentioned in the Schedule shall be construed as having the scope and meaning in that schedule assigned to them.
31. (1) Where an insurance is effected at a premium to be arranged, and no arrangement is made, a reasonable premium is payable.
(2) Where an insurance is effected on the terms that an addi- tional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.
Floating policy by ship or ships. 6 Edw. 7 c. 41,
3. 29.
Construction of terms in policy.
6 Edw. 7 c. 41. s. 30,
Schedule.
Premium to be arranged.
6 Edw. 7 c. 41,
s. 31.
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