Form And Contents Of Marine Insurance Policies 1. What Insurances Must Be Made By A Policy A contract must be embodied in a policy Section 22 MIA provides as follows: Subject to the provisions of any statute, a contract of marine insurance is inadmissible in evidence unless it is embodied in a marine policy in accordance...
Insurable Interest 1. Insurable Interest Generally English law recognised that contracts of insurance required the assured to have an interest in the subject matter insured prior to the Marine Insurance Act of 1745 wherein policies by way of wagers were prohibited on British shipping and its goods. Section 4 of the MIA:- (1)Every contract of marine insurance...