MARINE INSURANCE COMPANIES.

The only chartered companies which were formerly authorised to subscribe policies of marine insurance were the London and the Royal Exchange Assurance Companies. This exclusive privilege was conferred upon them by authority of an Act of Parliament passed in 1719, but this act having been repealed in 1824, various other companies have since been incorporated, and it is still considered to be illegal, under the penalties of rendering the insurance void and of forfeiting an amount equal to the sum subscribed, for a partnership firm to be affixed as underwriters to a policy; a restriction which is, however, rendered in a great measure nugatory by the subscription of their separate signatures, or by one party acting for the others as their agent.

In effecting insurance with a marine insurance company, the clerk will take his slip (made out as shown on pp. 142-144) to the company's office, and an officer there, if he is willing to accept the risk offered, will initial the slip, after which the clerk will fill in the company's form or slip, which they return and from which the policy is made out by them.

Some companies use a covering note as an interim policy instead of a slip, but the form is much the same.

The companies always make out their own policies, using their own forms, and deliver them when ready. The forms and the conditions of a policy used by companies slightly differ from those used by Lloyd's, but their general tenor is the same.

On page 152 is a copy of a company's covering note, and on page 153 we give a copy of a company's form of policy as now used.

Example of a Company's Covering Note.

THE BLANK INSURANCE COMPANY, LONDON.

Example of a Company's Marine Insurance Policy Payable Abroad.

THE BLANK INSURANCE COMPANY, LIMITED.

BE IT KNOWN THAT

No.

As well in

PAYABLE IN HONGKONG.

and every of them, to be insured, lost or not lost, at and from the Port of

and them

own Name, as for and in the Name and Names of all and every other Person or Persons to whom the same doth, may, or shall appertain in part or in all; do make ASSURANCE, and hereby cause

TO

with leave to touch and trade at all intermediate Ports and Places, upon any kind of Goods and Merchandises, or Treasure, of and in the good Ship or Vessel called the

(Continued.)

much as concerns the ASSURED, are and shall be rated and valued at

Warranted free of capture, seizure,
and detention, and the consequences
of any attempt thereat, and from all
consequences of hostilities or warlike
operations, whether before or after
declaration of war.

which shall be proved in case of loss (which God forbid !)-Touching the Adventures
and Perils which we the Assurers are content to bear, and to take upon us in this
Voyage; they are of the Seas, Men of War, Fire, Enemies, Pirates, Rovers, Thieves,
Jettisons, Letters of Mart and Countermart, Surprisals and Takings at Sea, Arrests,
Restraints, and Detainments, of all Kings, Princes, and People, of what Nation,
Condition, and Quality soever; Barratry of the Master and Mariners, and of all other
Perils, Losses, and Misfortunes, that have or shall come to the Hurt, Detriment, or
Damage of the said Goods and Merchandises, or any part thereof; and in case of any
Loss or Misfortune, it shall be lawful for the Assured, his or their Factors, Servants,
or Assigns, to sue, labour, and travel for, in and about the Defence, Safeguard, and
Recovery of the said Goods and Merchandises, or any part thereof, without prejudice
to this ASSURANCE, to the Charges whereof, We, the ASSURERS, will contribute.
AND so We, the ASSURERS, are content, and do hereby promise and bind Ourselves,
our Heirs, Executors, Goods and Chattels, to the Assured, his or their Executors,
Administrators, or Assigns, for the true performance of these premises; confessing
ourselves paid the consideration due unto us for this AsSURANCE, at and after the
rate of

AND FURTHER, We, the ASSURERS, DO HEREBY covenant, promise, and agree, and oblige ourselves, our Heirs, Executors, Goods and Chattels, in case of Loss happening (which God forbid !)-to satisfy and pay in HONGKONG the Sum of Money by us so ASSURED, at the expiration of One Month after the proper notice of the Loss is given to Messieurs JAMES BLANK, SON & Co., General Agents for

Agents in London.

Grounding in the Suez Canal not to be considered a stranding within the terms of the Policy.

the Office in HONGKONG, and at the Current Exchange, no abatement whatsoever to be made, but to pay the full sum, any Use or Custom to the contrary, notwithstanding. The adjustment of all average Losses, and other Matters relating to this Insurance, shall, in like manner, be made by the Agents of the Office in HONGKONG, agreeably to the tenor of the Policy, and according to the established practice there in such cases.

#

*** Corn, Fish, Salt, Saltpetre, Fruit, Flour, and Seed are
warranted free from average: Sugar, Jagry, and Rice, are warranted free
from average, under Five per cent., and all other Goods free of average,
under Three per cent., unless general, or the ship be stranded. Vessel and
Freight free from average under
per cent. ALL
METALS ARE WARRANTED FREE FROM PARTICULAR AVERAGE, and this Office
not liable for loss arising from leakage or breakage of or to any liquid or
liquid package.

NOTE.--In the event of damage during the voyage, Notice thereof to be
given to the Agents of the Office before the Goods are surveyed.

IN WITNESS whereof, We, the Agents of the BLANK INSURANCE OFFICE, LIMITED, by virtue of a
Power of Attorney from the General Agents thereof, on behalf of the said Office, have
subscribed our names in LONDON, for the sum assured, to Two Policies (one being
duly stamped) of the same tenor and date the one of which being accomplished, the
other to stand void, this

day of

in the year of our Lord one thousand nine hundred and