| Act of Parliament | |
 | |
| Citation | 19 Geo. 2. c. 37 |
|---|---|
| Dates | |
| Royal assent | 12 August 1746 |
| Other legislation | |
| Amended by | |
| Repealed by | Marine Insurance Act 1906 |
Status: Repealed | |
The Marine Insurance Act 1745 [1] (19 Geo. 2. c. 37) was an Act of Parliament of the Parliament of Great Britain. The Act has been described as "the first significant statutory intervention in substantive marine insurance law". [2]
The purpose of the Act was to put an end to the practice of wagering disguised as insurance upon marine vessels. [2] Persons who had no commercial interest in a marine cargo would take out a policy of insurance in the marine form, essentially gambling upon whether or not the ship would safely arrive at its destination. Concern was expressed that, apart from general policies against gambling, this also created a positive incentive for certain parties to overload ships and ensure that they were dispatched in risky condition.
Accordingly, the Act introduced into English law for the first time the requirement of an "insurable interest" in the subject matter of a policy of insurance. This requirement was later replicated for life insurance in the Life Assurance Act 1774. Neither statute sought to define an insurable interest, and it was not until the decision of the courts in Lucena v Craufurd [3] in 1806 that an insurable interest was first defined as "A right in the property, or a right derivable out of some contract about the property, which in either case may be lost upon some contingency affecting the possession or enjoyment of the party." [4]
The Act is relatively short. The text of its first section (including the preamble) is set out below: [5] [6]
WHEREAS it hath been found by Experience, that the making Assurances, Interest or no Interest, or without further Proof of Interest than the Policy, hath been productive of many pernicious Practices, whereby great Numbers of Ships, with their Cargoes, have either been fraudulently lost and destroyed, or taken by the Enemy in Time of War; and such Assurances have encouraged the Exportation of Wooll, and the carrying on many other prohibited and clandestine Trades, which by Means of such Assurances have been concealed, and the Parties concerned secured from Loss, as well to the Diminution of the public Revenue, as to the great Detriment of fair Traders; and by introducing a mischievous kind of Gaming or Wagering, under the Pretence of assuring the Risque on Shipping, and fair Trade, the Institution and laudable Design of making Assurances, hath been perverted; and that which was intended for the Encouragement of Trade and Navigation, has, in many Instances, become hurtful of, and destructive to the same: For Remedy whereof, be it enacted by the King's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That from and after the first Day of August one thousand seven hundred and forty-six, no Assurance or Assurances shall be made by any Person or Persons, Bodies Corporate or Politick, on any Ship or Ships belonging to his Majesty, or any of his Subjects, or on any Goods, Merchandizes or Effects laden or to be laden on Board of any such Ship or Ships, Interest or no Interest, or without further Proof or Interest than the Policy, or by way of Gaming or Wagering, or without Benefit of Salvage to the Assurer; and that every such Assurance shall be null and void to all Intents and Purposes.
The Act remained substantively in force until it was incorporated into the Marine Insurance Act 1906. [2]
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund, and general spending is paid out of the consolidated fund.
The Septennial Act 1715, sometimes called the Septennial Act 1716, was an Act of the Parliament of Great Britain. It was passed in May 1716. It increased the maximum length of a parliament from three years to seven. This seven-year ceiling remained in law from 1716 until 1911. The previous limit of three years had been set by the Triennial Act 1694, enacted by the Parliament of England.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier's third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906.
Kosmopoulos v Constitution Insurance Co of Canada is a leading Supreme Court of Canada decision on the court's ability to pierce the corporate veil—to impose an interest or liability, that is, upon the shareholders of a company instead of the company itself. It was held that the veil can only be lifted where it would be "just and equitable", specifically to third parties.
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property,, hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead.
In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object. An "interested person" has an insurable interest in something when loss of or damage to that thing would cause the person to suffer a financial or other kind of loss. Normally, insurable interest is established by ownership, possession, or direct relationship. For example, people have insurable interests in their own homes and vehicles, but not in their neighbors' homes and vehicles, and almost certainly not those of strangers. This is what separates the insurance business from gambling.
The Piracy Act 1698 was an Act of the Parliament of England passed in the eleventh year of King William III. The main purpose behind the statute was to make some corrections to the Offences at Sea Act 1536.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
The Life Assurance Act 1774 was an Act of Parliament of the Parliament of Great Britain, which received royal assent on 20 April 1774. The Act prevented the abuse of the life insurance system to evade gambling laws. It was extended to Ireland by the Life Insurance (Ireland) Act 1866, and is still in force. Prior to the Act, it was legally possible for any person to take out life insurance on any other person, regardless of whether or not the beneficiary of the policy had any legitimate interest in the person whose life was insured. As such, the system of life insurance provided a legal loophole for a form of gambling: an insurance policy could be taken out on an unrelated third party, stipulating whether or not they would die before a set date, and relying on chance to determine if the "insurer" or "policy-holder" would profit by this event.
The Royal Exchange Assurance, founded in 1720, was a British insurance company. It took its name from the location of its offices at the Royal Exchange, London.
The history of insurance traces the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment.
An Act of Parliament in the United Kingdom is primary legislation passed by the UK Parliament in Westminster, London.
The Marine Insurance Act 1906 is a UK act of Parliament regulating marine insurance. The act applies both to "ship & cargo" marine insurance, and to P&I cover.
Stranger-originated life insurance ("STOLI") generally means any act, practice, or arrangement, at or prior to policy issuance, to initiate or facilitate the issuance of a life insurance policy for the intended benefit of a person who, at the time of policy origination, does not have an insurable interest in the life of the insured under the laws of the applicable state. This includes the purchase of life insurance with resources or guarantees from or through a person that, at the time of policy initiation, could not lawfully initiate the policy; an arrangement or other agreement to transfer ownership of the policy or the policy benefits to another person; or a trust or similar arrangement that is used directly or indirectly for the purpose of purchasing one or more policies for the intended benefit of another person in a manner that violates the insurable interest laws of the state. The main characteristic of a STOLI transaction is that the insurance is purchased solely as an investment vehicle, rather than for the benefit of the policy owner's beneficiaries. STOLI arrangements are typically promoted to consumers between the age of 65 and 85.
Allgeyer v. Louisiana, 165 U.S. 578 (1897), was a landmark case of the Supreme Court of the United States in which a unanimous bench struck down a Louisiana statute for violating an individual's liberty of contract. It was the first case in which the Supreme Court interpreted the word liberty in the Due Process Clause of the Fourteenth Amendment to mean economic liberty. The decision marked the beginning of the Lochner era during which the Supreme Court struck many state regulations for infringing on an individual's right to contract. The Lochner era lasted 40 years and ended when West Coast Hotel Co. v. Parrish was decided in 1937.
Condition of average is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured. In the event of partial loss, the amount paid against a claim will be in the same proportion as the value of the underinsurance.
The Piracy Act 1850, sometimes called the Pirates Repeal Act 1850, is an Act of the Parliament of the United Kingdom. It relates to proceedings for the condemnation of ships and other things taken from pirates and creates an offence of perjury in such proceedings.
Insurance in South Africa describes a mechanism in that country for the reduction or minimisation of loss, owing to the constant exposure of people and assets to risks. The kinds of loss which arise if such risks eventuate may be either patrimonial or non-patrimonial.
{{cite web}}: Missing or empty |url= (help)