24. Contract must be embodied in policy.—A contract of marine insurance shall not be admitted in
evidence unless it is embodied in a marine policy in accordance with this Act. The policy may be
executed and issued either at the time when the contract is concluded, or afterwards.
25. What policy must specify.—A marine policy must specify—
(1) the name of the assured, or of some person who effects the insurance on his behalf;
(2) the subject-matter insured and the risk insured against;
(3) the voyage, or period of time, or both, as the case may be, covered by the insurance;
(4) the sum or sums insured;
(5) the name or names of the insurer or insurers.
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26. Signature of insurer.—(1) A marine policy must be signed by or on behalf of the insurer.
(2) Where a policy is subscribed by or on behalf of two or more insurers, each subscription, unless the
contrary be expressed, constitutes a distinct contract with the assured.
27. Voyage and time policies.—(1) Where the contract is to insure the subject-matter at and from, or
from one place to another or others, the policy is called a “voyage policy”, and, where the contract is to
insure the subject-matter for a definite period of time, the policy is called a “time policy”. A contract for
both voyage and time may be included in the same policy.
(2) A time policy which is made for any time exceeding twelve months is invalid.
28. Designation and subject-matter.—(1) The subject-matter insured must be designated in a
marine policy with reasonable certainty.
(2) The nature and extent of the interest of the assured in the subject-matter insured need not be
specified in the policy.
(3) Where the policy designates the subject-matter insured in general terms, it shall be construed to
apply to the interest intended by the assured to be covered.
(4) In the application of this section regard shall be had to any usage regulating the designation of the
subject-matter insured.
29. Valued policy.—(1) A policy may be either valued or unvalued.
(2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.
(3) Subject to the provisions of this Act, and in the absence of fraud, the value fixed by the policy is,
as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured,
whether the loss be total or partial.
(4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the
purpose of determining whether there has been a constructive total loss.
30. Unvalued policy.—An unvalued policy is a policy which does not specify the value of the
subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be
subsequently ascertained, in the manner hereinbefore explained.
31. Floating policy by ship or ships.—(1) A floating policy is a policy which describes the insurance
in general terms, and leaves the name or names of the ship or ships and other particulars to be defined by
subsequent declaration.
(2) The subsequent declaration or declarations may be made by endorsement on the policy, or in other
customary manner.
(3) Unless the policy otherwise provides, the declarations must be made in the order of dispatch or
shipment. They must, in the case of goods, comprise all consignments within the terms of the policy, and
the value of the goods or other property must be honestly stated, but an omission or erroneous declaration
may be rectified even after loss or arrival, provided the omission or declaration was made in good faith.
(4) Unless the policy otherwise provides, where a declaration of value is not made until after notice of
loss or arrival, the policy must be treated as an unvalued policy as regards the subject-matter of that
declaration.
32. Construction of terms in policy.—(1) A policy may be in the form in the Schedule.
(2) Subject to the provisions of this Act, and unless the context of the policy otherwise requires, the
terms and expressions mentioned in the Schedule shall be construed as having the scope and meaning
assigned to them in the Schedule.
33. Premium to be arranged.—(1) Where an insurance is effected at a premium to be arranged, and
no arrangement is made, a reasonable premium is payable.
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(2) Where an insurance is effected on the terms that an additional premium is to be arranged in a
given event, and that event happens but no arrangement is made, then a reasonable additional premium is
payable.