MARINE INSURANCE BILL.

Gisborne Times, Volume XXV, Issue 2190, 20 September 1907, Page 1

MARINE INSURANCE BILL.

INTRODUCED IN THE LEGLSLATIVE COUNCIL. CODIFYING THE COMMON LAAV. A FINE POINT DEALT WITH. (Special to Times.) AVELLINGTON, Sept, 19. The Alarine Insurance Bill, introduced by the Attorney-General in the Legislative Council, adopts a recent English Act, the Marine Insurance Act, 1906, which codifies the common law on this subject. The Bill differs in no material respect from the English Act,, save in so far as it necessary to harinoinise its provisions with the New Zealand statutes. The only question of difficulty arises out of the present provisions of the New Zealand Stan ip Act -which differs from tho English law. By the English Stamp Act, 1891, section 93, it is provided that a contract ol' marine insurance shall be void unless it is expressed in a written policy containing the prescribed particulars, and the English Marine Insurance Act is based on this state of the law, and

makes no alteration in it. Under the New Zealand Stamp Act, written agreements , for the issue of policies shall lie valid, but “only for the purpose of compelling the issue of policies in accordance with the terms of such agreements.” The intention of this provision is to make a preliminary cover note issued prior to the issue of the policy a valid and enforceable contract. ' It is pointed out, however, that if this cover note contains the essential particulars required in a policy within the meaning of the Stamp Acts, and is, therefore, valid apart from this section, whereas if it does not contain these essential particulars it is difficult to see how the Courts could enforce it, even under this secti in. The present Bill repeals all sections of the Stain)) Acts which make provision for the issue of policies or impose penalties for a failure to issue them, and re-enacts these provisions in svjlistantial accordance with the English law.