Page:United States Statutes at Large Volume 76A.djvu/308

–212– -212§ 3532. Presumed n a t u r e of contract A reinsurance is presumed to be a contract of indemnity against liability and not merely against damage. § 3533. Disclosures required Where an insurer obtains reinsurance, he shall communicate all the representations of the original insured, and also all the knowledge and information he possesses, whether previously or subsequently acquired, which are material to the risk. § 3534. Interest of original insured The original insured has no interest in a contract of reinsurance. Subchapter XI—Casualty Insurance § 3551. Liability on casualty r i s k s; required provisions in policies (a) In respect of every contract of insurance made between an insurance company and a person, by which the person is insured against loss or damage through legal liability for the bodily injury, death, or damage to property of a third person, for which loss or damage the insured is responsible, whenever a loss occurs on account of a casualty covered by the contract of insurance, the liability of the insurance company is absolute, and the payment of the loss does not depend upon the satisfaction by the insured of a final judgment against him for loss or damage, or death, occasioned by the casualty. A contract of insurance may not be cancelled or annulled by an agreement between the insurance company and the insured after the insured has become responsible for loss or damage as mentioned in this section, and any such cancellation or annulment is void. (b) Contracts or policies of insurance of the type mentioned in subsection (a) of this section, delivered in and/or having force and eflfect in, the Canal Zone, shall be deemed, notwithstanding any provision therein to the contrary, to contain or to be subject to the following provisions: (1) A provision that the insolvency or bankruptcy of the person insured, or the insolvency of his estate, shall not release the insurer from the payment of damages for injury sustained or loss occasioned during the life of and within the coverage of the policy or contract. (2) A provision that notice given by or on behalf of the insured, or written notice by or on behalf of the injured person or any other claimant, to a licensed agent of the insurer in the Canal Zone, with particulars sufficient to identify the insured, is notice to the insurer. (3) A provision that failure to give any notice required to be given by the contract or policy within the time prescribed therein shall not invalidate a claim made by the insured or any other claimant thereunder if it shall be shown not to have been reasonably possible to give the notice within the prescribed time and that notice was given as soon as was reasonably possible. § 3552. Remedy of injured party after recovering j u d g m e n t; defenses (a) Upon the recovery of a final judgment against a person by a person or by the executor or administrator of a deceased person, for loss or damage on account of bodily injury or death, or for loss or damage to property, if the defendant in the action was insured against the loss or damage at the time when the right of action arose, the judgment creditor may have the insurance money provided for in the contract or policy of insurance between the insurance company and the defendant applied to the satisfaction of the judgment. If the judg-

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