25 May 2017 in National Assembly:
Hon. Temporary Deputy Chairman, I beg to move: THAT, the Bill be amended by inserting the following clause immediately after clause 29 —
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25 May 2017 in National Assembly:
Amendment of Cap. 29A. The Marine Insurance Act is amended by inserting the following new 390. section immediately after section 3—
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25 May 2017 in National Assembly:
Amendment of Cap. 29A. The Marine Insurance Act is amended by inserting the following new 390. section immediately after section 3—
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25 May 2017 in National Assembly:
Marine cargo 3A. A contract of marine cargo insurance is a contract insurance whereby the insurer undertakes to indemnify the assured, in defined. manner and to the extent thereby agreed, against the losses incident to any movable property other than ship including money and other valuable securities.
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25 May 2017 in National Assembly:
Marine cargo 3A. A contract of marine cargo insurance is a contract insurance whereby the insurer undertakes to indemnify the assured, in defined. manner and to the extent thereby agreed, against the losses incident to any movable property other than ship including money and other valuable securities.
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25 May 2017 in National Assembly:
Yes, I have.
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25 May 2017 in National Assembly:
Yes, I have.
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25 May 2017 in National Assembly:
Yes, I just want to say the import of that new clause. I have moved that it be read a Second Time.
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25 May 2017 in National Assembly:
Yes, I just want to say the import of that new clause. I have moved that it be read a Second Time.
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25 May 2017 in National Assembly:
Thank you, Hon. Temporary Deputy Chairman. I propose that the new clause be inserted immediately after Clause 29. The amendment seeks to amend the Marine Insurance Act in order to define marine cargo insurance, which is not expressly defined. It further provides that a person with insurable interest in marine cargo shall place marine cargo insurance with an insurer registered under this Act unless prior exemption has been granted by the Commissioner. The need for marine insurance is a matter that needs not be overemphasised as it is the handling and protecting of marine cargo. Thank you.
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