Bare Act Search Results

Marine Insurance Act, 1963 Section 76

Title: Particular Average Warranties

State: Central

Year: 1963

.....assured cannot recover for a loss of part, other than a loss incurred by a general average sacrifice, unless the contract contained in the policy be apportionable; but, if the contract be apportionable, the assured may recover for a total loss of any apportionable part. (2) Where the subject-matter insured is warranted free from particular average, either wholly or under a certain percentage, the insurer is nevertheless liable for salvage charges, and for particular charges and other expenses properly incurred pursuant to the provisions of the suing and labouring clause in order to avert a loss insured against. (3) Unless the policy otherwise provides, where the subject-matter insured is warranted free from particular average under a specified percentage, a general average loss cannot be added to a particular average loss to make up the specified percentage. (4) For the purpose of ascertaining whether the specified percentage has been reached, regard shall be had only to the actual loss suffered by the subject-matter insured. Particular charges and the expenses of and incidental to ascertaining and proving the loss must be excluded.

Marine Insurance Act, 1963 Section 64

Title: Particular Average Loss

State: Central

Year: 1963

(1) A particular average loss is a partial loss of the subject-matter insured, caused by a peril insured against, and which is not a general average loss. (2) Expenses incurred by or on behalf of the assured for the safety or preservation of the subject-matter insured, other than general average and salvage charges, are called particular charges. Particularly charges are not included in particular average.

Marine Insurance Act, 1963 Section 73

Title: General Average Contributions and Salvage Charges

State: Central

Year: 1963

(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. (2) Where the insurer is liable for salvage charges the extent of his liabilities must be determined on the like principle.

Marine Insurance Act, 1963 Complete Act

State: Central

Year: 1963

.....NEGOTIATION OF CONTRACT (1) Every material representation made by the assured or his agent to the insurer during the negotiations for the contract, and before the contract is concluded, must be true. If it be untrue the insurer may avoid the contract. (2) A representation is material which would influence the judgment of a prudent insurer in fixing the premium, or determining whether he will take the risk. (3) A representation may be either as to a matter of fact, or as to a matter of expectation or belief. (4) A representation as to a matter of fact is true, if it be substantially correct, that is to say, if the difference between what is represented and what is actually correct would not be Considered material by a prudent insurer. (5) A representation as to a matter of expectation or belief is true if it be made in good faith. (6) A representation may be withdrawn or corrected before the contract is concluded. (7) Whether a particular representation be material or not, is, in each case, a question of fact. SECTION 23: WHEN CONTRACT IS DEEMED TO BE CONCLUDED A contract of marine insurance is deemed to be concluded when the proposal of the assured is accepted by the.....

Marine Insurance Act, 1963 Complete Act

Title: Marine Insurance Act, 1963

State: Central

Year: 1963

..... Section20 - Disclosure by assured Section21 - Disclosure by agent effecting insurance Section22 - Representations pending negotiation of contract Section23 - When contract is deemed to be concluded Section24 - Contract must be embodied in policy Section25 - What policy must specify Section26 - Signature of insurer Section27 - Voyage and time policies Section28 - Designation and subject-matter Section29 - Valued policy Section30 - Unvalued policy Section31 - Floating policy by ship or ships Section32 - Construction of terms in policy Section33 - Premium to be arranged Section34 - Double insurance Section35 - Nature of warranty Section36 - When breach of warranty excused Section37 - Express warranties Section38 - Warranty of neutrality Section39 - No implied warranty of nationality Section40 - Warranty of good safety Section41 - Warranty of seaworthiness of ship Section42 - No implied warranty that goods are seaworthy Section43 - Warranty of legality Section44 - Implied conditions as to commencement of risk Section45 - Alteration of port of departure Section46 - Sailing for different destination Section47 - Change of voyage Section48 - Deviation .....

Marine Insurance Act, 1963 Section 66

Title: General Average Loss

State: Central

Year: 1963

(1) A general average loss is a loss caused by or directly consequential on a general average act. It includes a general average expenditure as well as a general average sacrifice. (2) There is a general average act where any extraordinary sacrifice or expenditure is voluntarily and reasonably made or incurred in time of peril for the purpose of preserving the property imperilled in the common adventure. (3) Where there is a general average loss, the party on whom it falls is entitled, subject to the conditions imposed by maritime law, to a rateable contribution from the other parties interested, and such contribution is called a general average contribution, (4) Subject to any express provision in the policy, where the assured has incurred a general average or expenditure, he may recover from the insurer in respect of the proportion of the loss which falls upon him; and in the case of a general average sacrifice, he may recover from the insurer in respect of the whole loss without having enforced his right of contribution from the other parties liable to contribute. (5) Subject to any express provision in the policy, where the assured has paid, or is liable to pay, a.....

Marine Insurance Act, 1963 Section 78

Title: Suing and Labouring Clause

State: Central

Year: 1963

(1) Where the policy contains a suing and labouring clause, the engagement thereby entered into is deemed to be supplementary to the contract of insurance, and the assured may recover from the insurer any expenses properly incurred pursuant to the clause, notwithstanding that the insurer may have paid for a total loss, or that the subject-matter may have been warranted free from particular average, either wholly or under a certain percentage. (2) General average losses and contributions and salvage charges, as defined by this Act, are not recoverable under the suing and labouring clause. (3) Expenses incurred for the purpose of averting or diminishing any loss not covered by the policy are not recoverable under the suing and labouring clause. (4) It is the duty of the assured and his agents, in all cases, to take such measures as may be reasonable for the purpose of averting or minimising a loss.

Multimodal Transportation of Goods Act, 1993 Section 23

Title: General Average

State: Central

Year: 1993

Notwithstanding anything contained in any other provision of this Act, it shall be lawful for the parties to the multimodal transport contract to include in the multimodal transport document any provision relating to general average. Explanation.--For the purposes of this section, "general average" means loss, damage or expense reasonably incurred in order to avert danger to property in common peril and in the common interest involved in the multimodal transportation.

Indian Stamp Act, 1899 Section 22

Title: Effect of Statement of Rate of Exchange or Average Price

State: Central

Year: 1899

Where an instrument contains a statement, of current rate of exchange, or average price, as the case may require, and is stamped in accordance with such statement, it shall so far as regards the subject matter of such statement, be presumed, until the contrary is proved, to be duly stamped.

Karnataka Stamp Act, 1957 Section 22

Title: Effect of Statement of Rate of Exchange or Average Price

State: Karnataka

Year: 1957

Where an instrument contains a statement of current rate of exchange, or average price, as the case may require, and is stamped in accordance with such statement, it shall, so far as regards the subject-matter of such statement, be presumed, until the contrary is proved, to be duly stamped.