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Table of Contents

The Marine Insurance Act, 1963

Chapter I — Full Text

Section 19

Measure of insurable value

Measure of insurable value.

Related Sections

Measure of insurable value .-Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows:

Disclosure by assured .-(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 to him. If the assured fails to make such disclosure, the insurer may avoid the contract

Short title and commencement .-(1) This Act may be called The Marine Insurance Act, 1963

Definitions .-In this Act, unless the context otherwise requires,

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

Mixed sea and land risks .-(1) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage

Judgments linked to Section 19

Printed from Law on Tips • The Marine Insurance Act, 1963

PreviousSection 18

Table of Contents

The Marine Insurance Act, 1963

Chapter I — Full Text

Section 19

Measure of insurable value

Measure of insurable value.

Related Sections

Measure of insurable value .-Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows:

Disclosure by assured .-(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 to him. If the assured fails to make such disclosure, the insurer may avoid the contract

Short title and commencement .-(1) This Act may be called The Marine Insurance Act, 1963

Definitions .-In this Act, unless the context otherwise requires,

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

Mixed sea and land risks .-(1) A contract of marine insurance may, by its express terms, or by usage of trade, be extended so as to protect the assured against losses on inland waters or on any land risk which may be incidental to any sea voyage

Judgments linked to Section 19

Printed from Law on Tips • The Marine Insurance Act, 1963

PreviousSection 18