1964 Ed.]
Marine Insurance.
[CAP. 329
5
CHAPTER 329.
MARINE INSURANCE.
To codify the law relating to marine insurance.
[9th June, 1961.]
Originally 21 of 1961.
13 of 1966.
1. This Ordinance may be cited as the Marine Insurance Ordinance.
Short title.
MARINE INSURANCE.
2. (1) A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
(2) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage.
(3) Where a ship in course of building, or the launch of a ship, or any adventure analogous to a marine adventure, is covered by a policy in the form of a marine policy, the provisions of this Ordinance, in so far as applicable, shall apply thereto; but, except as by this section provided, nothing in this Ordinance shall alter or affect any rule of law applicable to any contract of insurance other than a contract of marine insurance as by this Ordinance defined.
3. (1) Subject to the provisions of this Ordinance, every lawful marine adventure may be the subject of a contract of marine insurance.
(2) In particular there is a marine adventure where-
(a) any ship goods or other movables are exposed to maritime peril. Such property is in this Ordinance referred to as "insurable property";
(b) the earning or acquisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements, is endangered by the exposure of insurable property to maritime perils;
(c) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils.
(3) For the purposes of this Ordinance, “maritime perils” means the perils consequent on, or incidental to, the navigation
Marine insurance defined.
6 Edw. 7 c. 41, ss. 1, 2.
Marine adventure and maritime perils defined.
6 Edw. 7 c. 41, s. 3.
1964 Ed.]
Marine Insurance.
[CAP. 329
5
CHAPTER 329.
MARINE INSURANCE.
To codify the law relating to marine insurance.
[9th June, 1961.]
Originally 21 of 1961.
13 of 1966.
1. This Ordinance may be cited as the Marine Insurance Ordinance.
Short title.
MARINE INSURANCE.
2. (1) A contract of marine insurance is a contract where- by the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
(2) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage.
(3) Where a ship in course of building, or the launch of a ship, or any adventure analogous to a marine adventure, is covered by a policy in the form of a marine policy, the provisions of this Ordinance, in so far as applicable, shall apply thereto; but, except as by this section provided, nothing in this Ordinance shall alter or affect any rule of law applicable to any contract of insurance other than a contract of marine insurance as by this Ordinance defined.
3. (1) Subject to the provisions of this Ordinance, every lawful marine adventure may be the subject of a contract of marine insurance.
(2) In particular there is a marine adventure where- (a) any ship goods or other movables are exposed to mari- time peril. Such property is in this Ordinance referred to as "insurable property";
(b) the earning or acquisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements, is endangered by the exposure of insurable property to maritime perils;
(c) any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils.
(3) For the purposes of this Ordinance, “maritime perils' means the perils consequent on, or incidental to, the navigation
Marine insurance defined.
6 Edw. 7 c. 41, ss. 1. 2.
Marine
adventure and maritime perils defined.
6 Edw. 7 c. 41. 3. 3.
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