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Sect. 10. 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.

Lloyd's policy.


(12) AND it is especially declared and agreed that no (12) Waiver acts of the insurer or insured, in recovering, saving, or preserving the property insured, shall be considered as a waiver or acceptance of abandonment (y).

(13) 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.

(14) AND So we the assurers are contented and do promise, and bind ourselves each one for his own part, our heirs, executors and goods, to the assured, their heirs, executors, administrators or assigns, for the true performance of the premises.

(15) CONFESSING ourselves paid the consideration due unto us for this assurance by the assured at and after the rate of (16) [


(13) Clause as to effect of the

the binding


(14) Promise of

the underwriters

to indemnify.

(15) Acknow-
ledgment of
receipt of

(16) Blank for
inserting rate of

(17) IN witness whereof we, the assurers, have sub- (17) Attestation scribed our names and sums insured in London.



(18) N.B. Corn, fish, salt, fruit, flour and seed are (18) Common warranted free from average, unless general, or the ship be stranded; sugar, tobacco, hemp, flax, hides and skins are warranted free from average under 57. per cent.; and .all other goods, also the ship and freight, are warranted free from average under 37. per cent., unless general, or the ship be stranded. (19) [

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(19) Blank space in which is to be inserted the subscription of each underwriter, the sum he insures, and the date of

(and so on, until the aggregate amount of the different his subscription
sums subscribed by each underwriter equals the amount
required to be insured).

This form of policy is known as Lloyd's policy. It has been in use not only among the underwriters at Lloyd's, but

(y) The waiver clause is not found in the statutory policies. Policies without the clause are still printed by the Committee of Lloyd's, but very seldom used.

also very generally among private underwriters throughout Sect. 10. the United Kingdom, and has been in substance adopted by

the companies. Strictly speaking, however, the term "Lloyd's "Anchor policy" denotes a policy with the device of an anchor in the Policy." margin, encircled by the words: "For signature by the underwriting members of Lloyd's only." Any person who without the authority of the society, or without lawful excuse, imitates the stamp or mark used to denote a Lloyd's policy, or utters or uses a policy with such stamp or mark, is liable to a penalty under Lloyd's Act, 1871 (34 Vict. c. xxi). The peculiar value of such a policy lies in the fact that great care is exercised in the election of members of the society, and that each member is required on election to deposit a sum of at least 5,000l. to cover his engagements.

In 1898, owing to a feeling that war risks should not be covered by any ordinary insurance, the policy in use at Lloyd's was by a resolution of the members modified by the insertion of the following clause between the clauses numbered (13) and (14) above: "Warranted nevertheless free of capture, seizure and detention, and the consequences thereof, or of any attempt thereat, piracy excepted, and also from all consequences of hostilities or warlike operations whether before or after declaration of war." At the beginning of 1899, however, this resolution was superseded by another resolution which declared that all policies at Lloyd's should contain this warranty against (or, to use a more correct expression, this exception of) war risks, unless the contrary be written or printed in the slip or the agreement previously signed or initialed by the underwriters.

Since then, the Committee of Lloyd's have supplied policies either with or without this "free of capture" clause. The policy with this clause is only supplied when specially asked for.


Other clauses are usually inserted in policies so as to meet Additional the circumstances of the adventure insured. In insurances on ships the general practice now is to incorporate in voyage and time policies respectively a number of printed clauses,

Sect. 10. called the "Institute Voyage Clauses" and the "Institute Time Clauses," which have been altered from time to time (~). The most important of these is the clause known as the collision or running-down clause, which was originally introduced in consequence of the decision in De Vaux v. Salvador (a), and has been expanded to meet the requirements of underwriters and assured.

The following is the collision clause in the Institute clauses for 1901 (b) :

And it is further agreed that if the ship hereby insured shall come into collision with any other ship or vessel, and the assured shall in consequence thereof become liable to pay, and shall pay by way of damages to any other person or persons any sum or sums not exceeding in respect of any one such collision the value of the ship hereby insured, we, the assurers will pay the assured such proportion of three-fourths of such sum or sums so paid as our respective subscriptions hereto bear to the value of the ship hereby insured, and in cases in which the liability of the ship has been contested, or proceedings have been taken to limit liability, with the consent in writing of two-thirds of the subscribers to this policy in amount, we will also pay a like proportion of three-fourths of the costs which the assured shall thereby incur, or be compelled to pay; but when both vessels are to blame, then unless the liability of the owners of one or both of such vessels becomes limited by law, claims under this clause shall be settled on the principle of cross-liabilities as if the owners of each vessel had been compelled to pay to the owners of the other of such vessels such one-half or other proportion of the latter's damages as may have been properly allowed in ascertaining the balance or sum payable by or to the assured in consequence of such collision (c).

(2) See App., where the Institute
clauses for 1901 are set out.

(a) (1836), 4 A. & E. 420.
(b) For older forms of the collision
clause, and their effect, see Thomp-
son. Reynolds (1857), 7 E. & B.
172; Taylor v. Dewar (1864), 5 B.
& S. 58; Xenos r. Fox (1868), L. R.
3 C. P. 630.

(e) The stipulation as to the cost of proceedings was inserted in consequence of Xenos v. Fox, supra. The present rule as to cross-liabilities was introduced in consequence of the decision in London SS. Ins. Co. v. Grampian SS. Co. (1889), 24 Q. B. D. 663.

Provided always that this clause shall in no case extend to any sum which the assured may become liable to pay, or shall pay for removal of obstructions under statutory powers (d), for injury to harbours, wharves, piers, stages, and similar structures, consequent on such collision, or in respect of the cargo or engagements of the insured vessel, or for loss of life or personal injury.

Lloyd's policy is not altogether adapted to insurances by mutual insurance associations (or clubs, as they are commonly called), whose policies are by no means identical in conditions or wording. The present tendency of the associations is, however, to use policies which as to many of their clauses are the same as Lloyd's policy. A specimen of a "club" policy will be found in the Appendix.

Sect. 10.


11. We will now consider in their order the common of the usual clauses and clauses which a Lloyd's policy usually comprises, and the formal requimain requisites which are essential to the validity of a policy sites of the as a contract under our law. A policy without the names of the parties by or for whom The name of it is effected is called a policy in blank, and is either pro- his agent. hibited by the laws, or rejected by the practice, of all

mercantile states.

the assured or

In our own country the law in terms provides, that no 28 Geo. 3 policy shall be effected without first inserting therein "the c. 56. name or names, or the usual style and firm of dealing," either-(1) Of" one or more of the persons interested"; or, (2) of "the consignor or consignees of the property to be insured"; or, (3) of "the persons resident in Great Britain who shall receive the order for and effect the policy"; or, (4) of "the persons who shall give the order to the agent immediately employed to effect it” (e).

Under the liberal construction put by the Courts of Law on this Act of Parliament, it has been reduced to a mere prohibition against policies in blank. In practice, accordingly,

(d) As to removal of obstructions, see Tatham v. Burr, [1898] A. C. 382. (e) 28 Geo. 3, c. 56.



Sect. 11.

the name usually inserted in the policy is that of the insurance broker, who insures either in his own name and on his own account, or in his own name and on account of his principals (ƒ).

In the first case the blanks marked numbers (1) and (2) in the printed form are filled up thus :

"A. B. & Co. (style of the insurance broker's firm), as well in their own names, as for and in the name and names of all and every other persons to whom the same doth, may or shall appertain, in part or in all, do make assurance and cause themselves and them and every of them to be insured," &c.

In the second case the blanks are filled up thus:

"A. B. & Co., as well in their own names, as for and in the name and names of all and every other persons to whom the same doth, may or shall appertain, in whole or in part, do make assurance and cause C. D. & Co. (name or firm of their employers, the parties interested), and them and every of them, to be insured," &c.

If the party interested effects the policy, without the intervention of a broker, he of course expresses himself to have so effected it in his own name and on his own account, as in the first form, merely substituting the name or style of the principal for that of the broker.

Such are the usual modes in which these blanks are filled up in English policies; in practice, some slight variation of form occasionally occurs; sometimes, for instance, it is stated on the face of the policy that the party effecting it does so "as agent for," or "at the request of" the principal; but these variations are immaterial.

The party who has thus effected the policy on account of a principal is called "the nominal assured"; the principal himself, for whom it is effected, is called "the party interested," or "the assured."

(f) The practice of effecting the policy in the name of the agent is a very old one. See an allegation of

custom in Ridolpho v. Nunez (1562), Selden Society Publications, vol. ii. p. 52.

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