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Extra resources for Cases & Mats on Marine Insurance Law
A ‘ppi’ policy is often referred to as an ‘honour’ policy, because it relies on the insurer to honour the contract of insurance, even though it has no standing in law. 5 Cases and Materials on Marine Insurance Law warehouses and instructed their brokers to effect a policy of insurance (ppi) with the defendants on anticipated profits; the policy to cover marine and war risks, and the risk of the cargo of nitrate being diverted to another port by the Government. At the time the policy was effected, the insurers were not made aware of the real risk of the shipment being diverted by the Government.
1 Cases and Materials on Marine Insurance Law Brett LJ: [p 386] …The very foundation, in my opinion, of every rule which has been applied to insurance law is this, namely, that the contract of insurance contained in a marine or fire policy is a contract of indemnity, and of indemnity only, and that this contract means that the assured, in case of a loss against which the policy has been made, shall be fully indemnified, but shall never be more than fully indemnified. That is the fundamental principle of insurance, and if ever a proposition is brought forward which is at variance with it, that is to say, which either will prevent the assured from obtaining a full indemnity, or which will give to the assured more than a full indemnity, that proposition must certainly be wrong.
See Chapter 16, p 647. See, also, Aitchison v Lohre (1879) 4 App Cas 755. 3 Cases and Materials on Marine Insurance Law Although the Act, in itself, does not specify that the effecting of a gaming or wagering contract of insurance is illegal, only that it is void, attention is also drawn to the Marine Insurance (Gambling Policies) Act 1909,5 which is also relevant. The 1909 Act affirms that: (1) If: (a) (b) any person effects a contract of marine insurance without having any bona fide interest, direct or indirect, either in the safe arrival of the ship in relation to which the contract is made, or in the safety or preservation of the subject matter insured, or a bona fide expectation of acquiring such an interest; or any person in the employment of the owner of a ship, not being a part owner of the ship, effects a contract of marine insurance in relation to the ship, and the contract is made ‘interest or no interest’, or ‘without further proof of interest than the policy itself’, or ‘without benefit of salvage to the insurer’, or subject to any other like term, the contract shall be deemed to be a contract by way of gambling on loss by maritime perils, and the person effecting it shall be guilty of an offence… Thus, despite the Marine Insurance Act 1906 stating, in s 4(1), that a gaming or wagering contract of insurance is merely void, under the Marine Insurance (Gambling Policies) Act 1909 it is also a criminal offence to effect insurance when the assured has no insurable interest in the adventure.