1964 Ed.]
Marine Insurance.
[CAP. 329
27
MUTUAL INSURANCE.
85. (1) Where two or more persons mutually agree to insure each other against marine losses there is said to be a mutual insurance.
(2) The provisions of this Ordinance relating to the premium do not apply to mutual insurance, but a guarantee, or such other arrangement as may be agreed upon, may be substituted for the premium.
(3) The provisions of this Ordinance, in so far as they may be modified by the agreement of the parties, may in the case of mutual insurance be modified by the terms of the policies issued by the association, or by the rules and regulations of the association.
(4) Subject to the exceptions mentioned in this section, the provisions of this Ordinance apply to a mutual insurance.
SUPPLEMENTAL.
86. Where a contract of marine insurance is in good faith effected by one person on behalf of another, the person on whose behalf it is effected may ratify the contract even after he is aware of a loss.
87. (1) Where any right, duty, or liability would arise under a contract of marine insurance by implication of law, it may be negatived or varied by express agreement, or by usage, if the usage be such as to bind both parties to the contract.
(2) The provisions of this section extend to any right, duty, or liability declared by this Ordinance which may be lawfully modified by agreement.
88. Where by this Ordinance any reference is made to reasonable time, reasonable premium, or reasonable diligence, the question what is reasonable is a question of fact.
89. Where there is a duly stamped policy, reference may be made, as heretofore, to the slip or covering note, in any legal proceeding.
90. In this Ordinance, unless the context or subject-matter otherwise requires-
"action" includes suit, counter-claim and set-off; "freight" includes the profit derivable by a shipowner from the employment of his ship to carry his own goods or movables, as well as freight payable by a third party, but does not include passage money;
Modification
of Ordinance in case of mutual insurance.
6 Edw. 7 c. 41.
s. 85.
Ratification by assured.
6 Edw. 7 c. 41. s. 86.
Implied obligations varied by agreement or usage. 6 Edw. 7 c. 41, s. 87.
Reasonable time, etc. a question of fact.
6 Edw. 7 c. 41, s. 88.
Slip as evidence.
6 Edw. 7 c. 41, s. 89.
Interpretation of terms.
6 Edw. 7 c. 41.
s. 90.
1964 Ed.]
Marine Insurance.
[CAP. 329
27
MUTUAL INSURANCE.
85. (1) Where two or more persons mutually agree to insure each other against marine losses there is said to be a mutual insurance.
(2) The provisions of this Ordinance relating to the premium do not apply to mutual insurance, but a guarantee, or such other arrangement as may be agreed upon, may be substituted for the premium.
(3) The provisions of this Ordinance, in so far as they may be modified by the agreement of the parties, may in the case of mutual insurance be modified by the terms of the policies issued by the association, or by the rules and regulations of the association.
(4) Subject to the exceptions mentioned in this section, the provisions of this Ordinance apply to a mutual insurance.
SUPPLEMENTAL.
86. Where a contract of marine insurance is in good faith effected by one person on behalf of another, the person on whose behalf it is effected may ratify the contract even after he is aware of a loss.
87. (1) Where any right, duty, or liability would arise under a contract of marine insurance by implication of law, it may be negatived or varied by express agreement, or by usage, if the usage be such as to bind both parties to the contract.
(2) The provisions of this section extend to any right, duty, or liability declared by this Ordinance which may be lawfully modified by agreement.
88. Where by this Ordinance any reference is made to reasonable time, reasonable premium, or reasonable diligence, the question what is reasonable is a question of fact.
89. Where there is a duly stamped policy, reference may be made, as heretofore, to the slip or covering note, in any legal proceeding.
90. In this Ordinance, unless the context or subject-matter otherwise requires-
"action" includes suit, counter-claim and set-off; "freight" includes the profit derivable by a shipowner from the employment of his ship to carry his own goods or movables, as well as freight payable by a third party, but does not include passage money;
Modification
of Ordinance in case of mutual insurance.
6 Edw. 7 c. 41.
3. 85.
Ratification by assured.
6 Edw. 7 c. 41. s. 86.
Implied obligations varied by agreement or usage. 6 Edw. 7 c. 41, 5. 87.
Reasonable time, etc. a question of fact.
6 Edw. 7 c. 41, s. 88.
Slip as evidence.
6 Edw. 7 c. 41, 8. 89.
Interpretation of terms.
6 Edw. 7 c. 41.
5. 90.
No comments yet.
Private notes are available after approval.