Report No. 21
This requires that the marine policy must specify certain particulars. The name of the ship or the losses covered (precise specifications) are not, required to be entered.
Stamp Act.-It may be noted that section 93(3) of the (English) Stamp Act, 1891 and section 7(3) of the Indian Stamp Act, 1899, provide that no sea policy shall be valid unless it specified the particular risk or venture or the time for which it is made, the names of the subscribers or underwriters and the amount or amounts insured. Thus, the provisions of the Stamp Law and the section under discussion overlap. Section 7(3) of the Indian Stamp Act should therefore be deleted, after this Bill is passed.