THE MARINE INSURANCE ACT, ______. ARRANGEMENT OF SECTIONS. ______. SECTIONS. 1. Short title and commencement. 2. Definitions. Full text containing the act, Marine Insurance Act, , with all the sections, schedules, short title, enactment date, and footnotes. The various provinces also have insurance statutes of general application which purport to apply to marine insurance. The B.C. statute is the Insurance Act.
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The modern origins of marine insurance law in English law were in the law . Marine Insurance Act in India and guided by the various. 41). Document Generated: Changes to legislation: There are currently no known outstanding effects for the Marine Insurance Act (See end of. Act Info: Preamble1 - MARINE INSURANCE ACT, Section1 - Short title and commencement. Section2 - Definitions. Section3 - Marine insurance defined.
The marine insurance covers only certain type of risks which includes risks pertaining to casualties of the sea, fire, war perils, pirates, seizures and jettison. The marine insurance is a standard form of contract because it embodies terms and conditions which shall be standard for all the insured. Section 25 of the Act provides certain minimal requirements of the Act which shall include the name of assured, subject matter, risk insured, voyage- its time or period, sum insured, names of the insured.
Section 28 of the marine Insurance act deals with the subject matter and the same shall be considered with utmost care and caution. As per section 28 sub clause 2 the nature and extent of subject matter not be specified in policy, where policy specifies subject matter in general terms it shall apply to the interest intended by the assured.
Under the Act there shall be three types of policy valued policy, unvalued policy and floating ship policy under sections 29, 30 and 31 apart from this there shall be time policy, voyage policy and mixed policy. Marine Insurance is based on few principles which are also its essentials these are principle of utmost good faith; principle of insurable interest; principle of indemnity and principle of subrogation.
Here utmost good faith shall mean that the insured relies absolutely on the insurer, a contract of marine insurance is nothing different from any other form of contract as laid down in General Assurance Society v.
Incase either insured or insurer commits fraud the other party can avoid such contract. It shall be prima facie duty of both the parties to act in utmost good faith and disclose every material circumstance known as per section 20 and Insurable interest here would mean, at the time of insurance the insurer should have interest in subject matter. The insurer is liable to indemnify the insured in case of loss also given under section 75 of the Act.
Its basic elements include those what are the essentials of every contract-: Proposal- The insurance applicant at the time of approaching the company prepares a slip accompanied by other documents which is considered the proposal.
Acceptance- The insurer accepts the slip and agrees to issue a marine insurance policy forming a big part of the legal contract. Consideration- The premium is the consideration and is paid at the time of the contract.
Policy Issuance- The insurer issues the policy after the premium is paid. Insurable Interest- Dealt with in questions below.
Warranties- Warranties are those statements by which the policyholder promises to fulfil or not to fulfil certain conditions. Other Important aspects- The contract must be based on principle of Utmost Good Faith as well as Doctrine of Subrogation Policyholder should not get more than actual loss or damage.
What are Mixed Sea and Land Risks?
A contract of marine insurance may, by its express terms, or by usage of trade, be extended to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage. 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 Act, in so far as applicable, shall apply thereto, but except as by this section provided, nothing in this Act shall alter or affect any rule of law applicable to any contract of insurance other than a contract of marine insurance as by this Act defined.
What are the requirements of taking a Marine Insurance Policy? Contract of Insurance. Contract includes an insurable interest in the subject matter having some value. It is not a contract by way of wagering.