Form of Marine Insurance Policy
SECTION 24 OF THE MARINE INSURANCE ACT, 1963)
IT KNOWN THAT ...... as well in ..... own name as for and in the name and names
of all and every other person or persons to whom the same doth, may or shall
operate appertain, in part or in all doth make assurance and cause them, and
every of them, to be insured lost or not lost, at and from upon any kind of
goods and merchandise, and also upon the body, tackle, apparel, ordnance,
ammunition, artillery, boat and other furniture, of and in the good ship or
vessel called the ...... whereof ..... is master for this present voyage or
whosoever else shall go for master in the said or by whatsoever other name or
names the said ship, or the master thereof, is or shall be named or called;
beginning the adventure upon the said goods and merchandise from the loading
thereof aboard the said ship, upon the said ship etc... And further until the
said ship with all her ordnance, tackle, apparel etc. And goods and merchandise
whatsoever shall be arrived at ... upon the said ship etc. until she hath
moored at anchor twenty four hours in goods safety; and upon the goods and
merchandise, until the same be there discharged and safely landed. And it shall
be lawful for the said ship etc. in this voyage to proceed and sail to and
touch and stay at any ports or places whatsoever without prejudice to this
insurance. The said ship etc. goods and merchandise etc. for so much as
concerned the assured by agreement between the assured and assurers in this
policy, are and shall be valued at.......
the adventures and perils which we the assurers are contended to bear and to do
take upon us in this voyage; they are of the seas, men of war, fire, enemies,
pirates, rovers, thieves, jettisons, letters of mart and counter mart,
surprises, takings at sea, arrests, restraints, and detainments of all kings,
princes, and people, of what nation, condition or quality whatsoever, barratry
of the master and mariners, and of all nation, condition and all other perils
losses and misfortunes that have or shall come to hurt, detriment, or damage of
the said goods and merchandise, and ship etc. or any part thereof.
in case of any loss or misfortune it shall be lawful to the assured, their
factors, servants, and assigns, to sue, labour and travel for, in and about the
defence, safeguards and recovery of the said goods and merchandises and ship
etc. or any part thereof, without prejudice to this insurance; to the charges
whereof we, the assurers; will contribute each one according to the rate and
quantity of his sum herein assured.
it is especially declared and agreed that no acts of the insurer or insured in
recovering, saving, or preserving the property insured shall be considered as a
waiver, or acceptance or abandonment. And so we, the assurers are contended,
and do hereby promise and bind ourselves, each one for his own part, our heirs,
executors, and goods to the assured their executors, administrators, and
assigns for the true performance of the premises, confessing ourselves paid the
consideration due unto us for this assurance by the assured, at and after the
rate of ..........
WITNESS WHEREOF we, the assurers, have subscribed our names and sums assured
N.B. Corn, fish, salt, fruit, flour and seed are warranted free from average,
unless general or the ship be stranded- sugar tobacco, hemp, flax, hides and
skins are warranted free from average, under five per cent, and all other
goods, also the ship and freight, are warranted free from average, under three
per cent, unless general, or the ship be stranded.
FOR CONSTURCTION OF POLICY.
following are the rules referred to by the Marine Insurance Act 1963 for the
construction of the policy in the above or other like form, where the context
does not otherwise require.
1. Lost or not lost.
Where the subject matter is insured "lost or not lost" and the loss
has occurred before the contract is concluded, the risk attaches unless, at
such time the assured was aware of the loss, and the insurer was not.
2. From: Where the
subject matter is insured "from" a particular place the risk does not
attach until the ship starts on the voyage insured.
3. At and from –
a. Where a ship is
insured "at and from" a particular place, and she is at that place in
good safety when the contract is concluded, the risk attaches immediately.
b. If she be not at that
place when the contract is concluded, the risk attaches as soon as she arrives
there is good safety, and unless the policy otherwise provides, it is
immaterial that she is covered by another policy for a specified time after
c. Where chartered
freight is insured "at and from" a particular place and the ship is
at that place in good safety when the contract is concluded the risk attaches
immediately. If she be not there when the contract is concluded, the risk
attaches as soon as she arrives there in good safety.
d. Where freight, other
than chartered freight is payable without special conditions and is insured
"at and from" a particular place, the risk attaches pro rata as the
goods or merchandise are shipped; provided that, if there be cargo in readiness
which belongs to the ship-owner, or which some other person has contracted with
him to ship, the risk attaches as soon as the ship is ready to receive such
4. From the loading
thereof- where goods or other movables are insured "from the loading
thereof" the risk does not attach until such goods or movables are
actually on board, and the insurer is not liable for them while in transit from
the shore to the ship.
5. Safely landed: where
the risk on goods or other movables continues until they are "safely
landed", they must be landed in the customary manner and within a
reasonable time after arrival at the port of discharge and if they are not so
landed the risk ceases.
6. Touch and stay: in
the absence of any further license or usage, the liberty to touch and stay
"at any port or place whatsoever" does not authorize the ship to
depart from the course of her voyage from the port of departure to the port of
7. Perils of the Seas:
The term "Perils of the Seas" refers only to fortuitous accidents or
casualties of the seas. It does not include the ordinary action of the winds
8. Pirates: The term
"Pirates" includes passengers who mutiny and rioters who attack the
ship from the shore.
9. Thieves: The term
"Thieves" does not cover clandestine theft or a theft committed by
any one of the ship''s company, whether crew or passengers.
10. Restraint of Princes:
The term "arrests, etc. of kings, princes and people" refers to
political or executive acts, and does not include a loss caused by riot or by
ordinary judicial process.
11. Barratry: The term
"Barratry" includes every wrongful act willfully committed by the
master or crew to the prejudice of the owner, or, as the case may be, the
12. All other perils: The
term "all other perils" includes only perils similar in kind to the
perils specifically mentioned in the policy.
13. Average unless
General: The term "average unless general" means a partial loss of
the subject matter insured other than a general average loss, and does not
include "Particular charges".
14. Stranded: Where the
ship has stranded, the insurer is liable for the excepted losses although the
loss is not attributable to the stranding, provided than when the stranding
takes place the risk has attached and, if the policy be on goods, that the
damages goods are not on board.
15. Ship: The term
"ship" includes the hull, material and outfit, stores and provisions
for the officers and crew, and, in the case of vessels engaged in a special
trade, the ordinary fittings requisite for the trade, and also, in the case of
a steamship the machinery, boilers, and coals and engine stores, if owned by
the assured and also in the case of a ship driven by power other than steam,
the machinery fuels and engine stores, if owned by the assured.
16. Freight: The term
freight includes property derivable by a ship-owner from the employment of his
ship to carry his own goods or movables, as freight payable by a third party,
but does not include passage money.
17. Goods: The term
"Goods" means goods in the nature of merchandise, and does not
include personal effects or provisions and stores for use on board.
the absence of any usage to the contrary deck cargo and living animals must be
insured specifically and not under the general denomination of goods.