1964 Ed.]
Marine Insurance.
[CAP. 329
25
(4) It is the duty of the assured and his agents, in all cases, to take such measures as may be reasonable for the purpose of averting or minimizing a loss.
RIGHTS OF INSURER ON PAYMENT.
79. (1) Where the insurer pays for a total loss, either of the whole, or in the case of goods of any apportionable part, of the subject-matter insured, he thereupon becomes entitled to take over the interest of the assured in whatever may remain of the subject-matter so paid for, and he is thereby subrogated to all the rights and remedies of the assured in and in respect of that subject-matter as from the time of the casualty causing the loss.
(2) Subject to the foregoing provisions, where the insurer pays for a partial loss, he acquires no title to the subject-matter insured, or such part of it as may remain, but he is thereupon subrogated to all rights and remedies of the assured in and in respect of the subject-matter insured as from the time of the casualty causing the loss, in so far as the assured has been indemnified, according to this Ordinance, by such payment for the loss.
80. (1) Where the assured is over-insured by double insurance, each insurer is bound, as between himself and the other insurers, to contribute rateably to the loss in proportion to the amount for which he is liable under his contract.
(2) If any insurer pays more than his proportion of the loss, he is entitled to maintain an action for contribution against the other insurers, and is entitled to the like remedies as a surety who has paid more than his proportion of the debt.
81. Where the assured is insured for an amount less than the insurable value or, in the case of a valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance.
RETURN OF PREMIUM.
82. Where the premium or a proportionate part thereof is, by this Ordinance, declared to be returnable-
(a) if already paid, it may be recovered by the assured from the insurer; and
(b) if unpaid, it may be retained by the assured or his agent.
83. Where the policy contains a stipulation for the return of the premium, or a proportionate part thereof, on the happening of a certain event, and that event happens, the premium, or, as the case may be, the proportionate part thereof, is thereupon returnable to the assured.
Right of subrogation. 6 Edw. 7 c. 41, s. 79.
Right of contribution. 6 Edw. 7 c. 41, s. 80.
Effect of under insurance. 6 Edw. 7 c. 41, s. 81.
Enforcement of return. 6 Edw. 7 c. 41, s. 82.
Return by agreement. 6 Edw. 7 c. 41, s. 83.
1964 Ed.]
Marine Insurance.
[CAP. 329
25
(4) It is the duty of the assured and his agents, in all cases, to take such measures as may be reasonable for the purpose of averting or minimizing a loss.
RIGHTS OF INSURER ON PAYMENT.
79. (1) Where the insurer pays for a total loss, either of the whole, or in the case of goods of any apportionable part, of the subject-matter insured, he thereupon becomes entitled to take over the interest of the assured in whatever may remain of the subject- matter so paid for, and he is thereby subrogated to all the rights and remedies of the assured in and in respect of that subject- matter as from the time of the casualty causing the loss.
(2) Subject to the foregoing provisions, where the insurer pays for a partial loss, he acquires no title to the subject-matter insured, or such part of it as may remain, but he is thereupon subrogated to all rights and remedies of the assured in and in respect of the subject-matter insured as from the time of the casualty causing the loss, in so far as the assured has been indemnified, according to this Ordinance, by such payment for the loss.
80. (1) Where the assured is over-insured by double insur- ance, each insurer is bound, as between himself and the other insurers, to contribute rateably to the loss in proportion to the amount for which he is liable under his contract.
(2) If any insurer pays more than his proportion of the loss, he is entitled to maintain an action for contribution against the other insurers, and is entitled to the like remedies as a surety who has paid more than his proportion of the debt.
81. Where the assured is insured for an amount less than the insurable value or, in the case of a valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance.
RETURN OF PREMIUM.
82. Where the premium or a proportionate part thereof is, by this Ordinance, declared to be returnable-
(a) if already paid, it may be recovered by the assured from
the insurer; and
(b) if unpaid, it may be retained by the assured or his agent.
83. Where the policy contains a stipulation for the return of the premium, or a proportionate part thereof, on the happening of a certain event, and that event happens, the premium, or, as the case may be, the proportionate part thereof, is thereupon returnable to the assured.
Right of subrogation. 6 Edw. 7 c. 41, s. 79.
Right of contribution.
6 Edw. 7 c. 41, 5. 80.
Effect of under insurance.
6 Edw. 7 c. 41, s. 81.
Enforcement of return. 6 Edw. 7 c. 41. $. 82.
Return by agreement.
6 Edw. 7 c. 41, s. 83.
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