Marine Insurance Act 1788

AN ACT to repeal an Act made in the Twenty-fifth Year of the Reign of his present Majesty, intituled "An Act for regulating Insurances on Ships, and on Goods, Merchandizes or Effects," and for substituting other Provisions for the like Purpose in lieu thereof.

WHEREAS it hath been found by experience that great mischiefs and inconveniences have arisen to persons interested in ships or vessels, and also to persons using trade or commerce, from the effect of an Act made in the twenty-fifth year of the reign of his present Majesty, intituled "An Act for regulating insurances on ships, and on goods, merchandizes or effects:" And whereas it is highly expedient that other and more convenient provisions should be made for the regulating insurances hereafter to be made on ships, and on goods, merchandizes or effects, than those which are contained and enacted in and by the said Act: Be it therefore 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that the said Act made in the twenty-fifth year of the reign of his present Majesty shall be and the same is hereby repealed; and that from and after the passing of this Act it shall not be lawful for any person or persons to make or effector cause to be made or effected any policy or policies of assurance upon any ship or ships, vessel or vessels, or upon any goods, merchandizes, effects or other property whatsoever, without first inserting or causing to be inserted in such policy or policies of assurance the name or names or the usual stile and firm of dealing of one or more of the persons interested in such assurance, or without, instead thereof, first inserting or causing to be inserted in such policy or policies of assurance the name or names or the usual stile and firm of dealing of the consignor or consignors, consignee or consignees, of the goods, merchandizes, effects or property so to be insured, or the name or names or the usual stile and firm of dealing of the person or persons residing in Great Britain who shall receive the order for and effect such policy or policies of assurance, or of the person or persons who shall give the order or direction to the agent or agents immediately employed to negociate or effect such policy or policies of assurance.

AND every policy and policies of assurance made or underwrote contrary to the true intent and meaning of this Act shall be null and void to all intends and purposes whatsoever.