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3d.

There would be no temptation to evade or delay payment of such a small amount.

Even after the reduction of the stamp on insurances at a premium of 2s. 6d. per cent and under, to Id., there is a possibility that some insurances are placed abroad, even with the foreign agencies of English companies, to avoid the duty of 3d. per cent. On a premium of 3s. per cent the stamp is one-twelfth of the gross premium. As matters stand now the very finest risks are most severely weighted with the impositions of revenue. Is any other industry oppressed with an equally heavy tax? Could not the duties on marine insurances be made the same as those on fire insurances, namely Id. per policy, irrespective of duration?

CHAPTER II

THE POLICY: PART I

Policy Forms, Common English Policy, The Heading, The Assured, Lost or Not Lost, At and From

As already stated, the usual expression of a contract of sea insurance is a policy. But before proceeding to the consideration of the usual English form of policy it is desirable to premise that even in its fullest form the policy does not expressly detail the whole of the contract between assured and underwriter. (Cf. Arnould, M. I. pp. 40, 41, and see below, pp. 132-134, 144.)

Early Italian Forms.-Citing Malyne, an English writer of about 1620, Marshall writing in the period between 1802 and 1823 states that it is most probable that a policy form very similar to what was in use in his day was introduced by the Lombards into England. There is a striking resemblance between the phraseology of the policy form prescribed in the ordinance of Florence of 1523 (printed in Lowndes, Law of M. I., Appendix A, pp. 233, 234) and that of the English policies of the end of the nineteenth century.

Earliest English Form. The earliest English policy known dates from 1613 (see Martin's History of Lloyd's, pp. 46-48). The original has not been preserved, but a copy, apparently made for some legal purpose, has been found in the Bodleian Library at Oxford, and is reproduced in Appendix B; it is eminently worth comparing, clause for clause, with the form now in use.

English Practice till about 1865.-Up till within the last twenty-five years it appears to have been customary in England to employ only one form of policy, the old common form adopted by Lloyd's on 12th January 1779, as their standard printed policy. This is the form which appears in the schedule to the Sea Insurance Stamp Act of 1795 (35 Geo. III. c. 63). The practice was to use that policy for all interests covered or desired to be covered by a policy of marine insurance. At Lloyd's this still prevails, underwriters inserting whatever further words or clauses may be necessary to adapt the document to the insurance intended. This procedure has called forth expressions of astonishment and disapproval from eminent persons, among them Lord Mansfield in Simond v. Boydell, 1779,1 and Lord Esher, M.R., in Baring v. Marine Insurance Company on appeal, 1894,2 and in Hydarnes Steamship Company v. Indemnity Marine Insurance Company, Limited,3 when the Court proceeded "to construe the policy in a businesslike way so as to give it a sensible meaning."

Modern English Practice.—But in the last twenty-five years many marine insurance companies have adopted the plan of keeping in stock skeleton forms of policy, adapted from the common form to suit the requirements of different subjects of insurance, such as ship for voyage, ship for time, freight; and for goods several forms varying according to the conditions on which the goods are meant to be insured. This system offers two practical advantages: it removes from the policy on any interest all clauses that do not affect that interest, and it reduces to a minimum the risk of error in the somewhat mechanical work of writing out policies and affixing the proper marginal clauses.

Lloyd's Form.-The common form of Lloyd's policy being the stem form of all British marine policies, the discussion of its contents will enable us to deal with what are practically the conditions of the great majority of British insurances. The text is as follows:

2

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IO Times Law Reports 276.

3 Court Appeal 16 Jan. 1895, II Times L. R. 173.

£

S.G.

Be it known that A. B. and/or as Agent,

as well in his 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
appertain, in part or in all, doth
make assurance and cause himself
and 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, munition, artillery, boat and other furniture, of and in the good ship or vessel called the

whereof is master, under God, for this present voyage,

or whosoever else shall go for master in the said ship, or by whatsoever other name or names the same 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, as above.

upon the said ship, etc., as above,

and shall so 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, as above,

upon the said ship, etc., until she hath moored at anchor

in good 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 concerns the assured, by agreement between the assured and assurers in this policy, are and shall be valued at as at foot,

Touching the adventures and perils which we the assurers are contented to bear and 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 soever, barratry of the master and mariners, and of all other perils, losses, and misfortunes that have

or shall come to the 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, safeguard, 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 expressly declared and agreed that no acts of insurer or insured in recovering, saving, or preserving the property insured, shall be considered as a waiver or acceptance of abandonment. And it is agreed by us, the insurers, that this writing or policy of assurance shall be of as much force and effect as the surest writing or policy of assurance heretofore made in Lombard Street, or in the Royal Exchange, or elsewhere in London. And so we the assurers are contented, 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 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 London.

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 pounds per cent; and all other goods, also the ship and freight, are warranted free from average under three pounds per cent, unless general, or the ship be stranded, sunk, or burnt.

Detailed Explanation of Lloyd's Form.—As all current English policy forms have been developed from this one, which has been the subject of manifold discussions and innumerable decisions of the law-courts of the country, it seems advisable to discuss it section by section, so as to obtain, if possible, firm ground from which to consider on what principles it and similar documents are interpreted by the courts, and on what theoretical basis the contract of marine insurance is deemed to be founded.

The Heading

The meaning of the letters S.G. is uncertain, probably they stand, as has been suggested, for Ship Goods.

If

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