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MARINE INSURANCE ACT 1906 - SECT 29

Floating policy by ship or ships.

29.(1) A floating policy is a policy which describes the insurance in general
terms, and leaves the name of the ship or ships and other particulars to be
defined by subsequent declaration.

(2) The subsequent declaration or declarations may be made by indorsement on
the policy, or in other customary manner.

(3) Unless the policy otherwise provides, the declarations must be made in the
order of dispatch or shipment. They must, in the case of goods, comprise all
consignments within the terms of the policy, and the value of the goods or
other property must be honestly stated, but an omission or erroneous
declaration may be rectified even after loss or arrival, provided the omission
or declaration was made in good faith.

(4) Unless the policy otherwise provides, where a declaration of value is not
made until after notice of loss or arrival, the policy must be treated as an
unvalued policy as regards the subject-matter of that declaration.

© 1906 Crown Copyright

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