CAP. 329]
Marine Insurance.
[1964 Ed.
Measure of
insurable value.
6 Edw. 7 c. 41, s. 16.
Insurance is uberrimæ fidei.
6 Edw. 7 c. 41, s. 17.
Disclosure by assured.
6 Edw. 7 c. 41, s. 18.
INSURABLE VALUE.
16. Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows-
(a) in insurance on ship, the insurable value is the value, at the commencement of the risk, of the ship, including her outfit, provisions and stores for the officers and crew, money advanced for seamen's wages, and other disbursements (if any) incurred to make the ship fit for the voyage or adventure contemplated by the policy, plus the charges of insurance upon the whole:
The insurable value, in the case of a steamship, includes also the machinery, boilers, and coals and engine stores if owned by the assured, and, in the case of a ship engaged in a special trade, the ordinary fittings requisite for that trade;
(b) in insurance on freight, whether paid in advance or otherwise, the insurable value is the gross amount of the freight at the risk of the assured, plus the charges of insurance;
(c) in insurance on goods or merchandise, the insurable value is the prime cost of the property insured, plus the expenses of and incidental to shipping and the charges of insurance upon the whole;
(d) in insurance on any other subject-matter, the insurable value is the amount at the risk of the assured when the policy attaches, plus the charges of insurance.
DISCLOSURE AND REPRESENTATIONS.
17. A contract of marine insurance is a contract based upon the utmost good faith, and, if the utmost good faith be not observed by either party, the contract may be avoided by the other party.
18. (1) Subject to the provisions of this section, the assured must disclose to the insurer, before the contract is concluded, every material circumstance which is known to the assured, and the assured is deemed to know every circumstance which, in the ordinary course of business, ought to be known by him. If the assured fails to make such disclosure, the insurer may avoid the contract.
(2) Every circumstance is material which would influence the judgment of a prudent insurer in fixing the premium, or determining whether he will take the risk.
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CAP. 329]
Marine Insurance.
[1964 Ed.
Measure of
insurable value.
6 Edw. 7 c. 41, 8. 16.
Insurance is uberrimæ fidei.
6 Edw. 7 c. 41, 8. 17.
Disclosure by assured.
6 Edw. 7 c. 41,
3. 18.
INSURABLE VALUE.
16. Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows-
(a) in insurance on ship, the insurable value is the value, at the commencement of the risk, of the ship, including her outfit, provisions and stores for the officers and crew, money advanced for seamen's wages, and other disburse- ments (if any) incurred to make the ship fit for the voyage or adventure contemplated by the policy, plus the charges of insurance upon the whole:
The insurable value, in the case of a steamship, includes also the machinery, boilers, and coals and engine stores if owned by the assured, and, in the case of a ship engaged in a special trade, the ordinary fittings requisite for that trade;
(b) in insurance on freight, whether paid in advance or other- wise, the insurable value is the gross amount of the freight at the risk of the assured, plus the charges of insurance;
(c) in insurance on goods or merchandise, the insurable value is the prime cost of the property insured, plus the expenses of and incidental to shipping and the charges of insurance upon the whole;
(d) in insurance on any other subject-matter, the insurable value is the amount at the risk of the assured when the policy attaches, plus the charges of insurance.
DISCLOSURE AND REPRESENTATIONS.
17. A contract of marine insurance is a contract based upon the utmost good faith, and, if the utmost good faith be not observed by either party, the contract may be avoided by the other party.
18. (1) Subject to the provisions of this section, the assured must disclose to the insurer, before the contract is concluded, every material circumstance which is known to the assured, and the assured is deemed to know every circumstance which, in the ordinary course of business, ought to be known by him. If the assured fails to make such disclosure, the insurer may avoid the
contract.
(2) Every circumstance is material which would influence the judgment of a prudent insurer in fixing the premium, or determin- ing whether he will take the risk.
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