Form of Marine Insurance Policy

3317
Form No. 12
Form of Marine Insurance Policy

(SEE SECTION 24 OF THE MARINE INSURANCE ACT, 1963)

BE 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 assur ance and cause them, and every of them, to be insured lost or not lost,
at and from upon any kind of goods and merchandises, 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 merchandises from the loading thereof aboard the said
ship, upon the said ship etc ... and so shall continue and endure, during
her abode there, upon the said ship etc... And further until the said ship
with all her ordnance, tackle, apparel, etc. And goods and merchandises
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 merchandises, 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 merchandises
etc. for so much as concerned the assured by agreement between the assured and assurers in this policy, are and shall be valued at...

Touching the adventures and perils which we the assurers are contented 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 countermart, surprisals, takings at sea, arrests, restraints,
and detainments of all kings, princes, and people, of what nation, condition, or quality whatssoever, barratry of the master and mariners, and of
all nation, condition and of all other perils losses and misfortunes that
have or shall come to hurt, detriment, or damage of the said goods and
merchandises, and ship, etc. or any part thereof.

And 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.

And 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 of 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
3318
FORM OF MARINE INSURANCE POLICY
the premises, confessing ourselves paid the consideration due unto us for
this assurance by the assured, at and after the rate of ...

IN WITNESS whereof we, the assurers, have subscribed our names
and sums assured in.

MEMORANDUM 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.

RULES FOR CONSTRUCTION OF POLICY.

The 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 arrival.

(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 cargo.

4. From the loading thereof - Where goods or other moveables are insured from the loading thereof the risk does not attach until such goods
or moveables 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
authorise the ship to depart from the course of her voyage from the port
of departure to the port of destination.
FORM OF MARINE INSURANCE POLICY
3319

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 and waves.

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 ships 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 wilfully
committed by the master or crew to the prejudice of the owner, or, as the
case may be, the charterer.

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 that when the stranding takes place the risk has attached and,
if the policy be on goods, that the damages goods are 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 shipowner
from the employment of his ship to carry his own goods or moveables, 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.

In 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.
____________
Stamp Duty : Article 47(A) of the Indian Stamp Act will apply according to the
nature of the policy - voyage or time.
Stamp Duty, eStamping & Registration : See the Indian Stamp Act, 1899 (2 of
1899), Rates of Stamp Duty in various States, eStamping and Compulsorily & Optionally Registrable Documents under the Registration Act, 1908 (16 of 1908) in respective
later Part/Chapters on Stamp Duty, eStamping & Registration of Deeds & Documents.

Form of Marine Insurance Policy

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3317

Form of Marine Insurance Policy

FORM OF MARINE INSURANCE POLICY

FORM OF MARINE INSURANCE POLICY

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