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Table of Contents

The Marine Insurance Act, 1963

Chapter I — Full Text

Section 74

Provision

Provision.

Related Sections

General average contributions and salvage charges .-(1) Subject to any express provision in the policy, where the assured has paid, or is liable for, any general average contribution, the measure of indemnity is the full amount of such contribution if the subject-matter liable to contribution is insured for its full contributory value; but, if such subject-matter be not insured for its full contributory value, or if only part of it be insured, the indemnity payable by the insurer must be reduced in proportion to the under insurance, and where there has been a particular average loss which constitutes a deduction from the contributory value, and for which the insurer is liable, that amount must be deducted from the insured value in order to ascertain what the insurer is liable to contribute

General provisions as to measure of indemnity .-(1) Where there has been a loss in respect of any subject-matter not expressly provided for in the foregoing provisions of this Act, the measure of indemnity shall be ascertained as nearly as may be, in accordance with those provisions, insofar as applicable to the particular case

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 74

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

PreviousSection 73

Table of Contents

The Marine Insurance Act, 1963

Chapter I — Full Text

Section 74

Provision

Provision.

Related Sections

General average contributions and salvage charges .-(1) Subject to any express provision in the policy, where the assured has paid, or is liable for, any general average contribution, the measure of indemnity is the full amount of such contribution if the subject-matter liable to contribution is insured for its full contributory value; but, if such subject-matter be not insured for its full contributory value, or if only part of it be insured, the indemnity payable by the insurer must be reduced in proportion to the under insurance, and where there has been a particular average loss which constitutes a deduction from the contributory value, and for which the insurer is liable, that amount must be deducted from the insured value in order to ascertain what the insurer is liable to contribute

General provisions as to measure of indemnity .-(1) Where there has been a loss in respect of any subject-matter not expressly provided for in the foregoing provisions of this Act, the measure of indemnity shall be ascertained as nearly as may be, in accordance with those provisions, insofar as applicable to the particular case

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 74

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

PreviousSection 73