Section 30
Directions as to sea policy
No contract for sea insurance, other than such insurance as is referred to in section 363 of the Merchant Shipping Ordinance 1952
[Ord. No 70 of 1952] or any corresponding provision in any other written law for the time being in force in Sabah or Sarawak shall be valid unless the same is expressed in a policy of sea insurance.
(2)
No policy of sea insurance made for time shall be made for any time exceeding twelve months.
(3)
No policy of sea insurance shall be valid unless it specifies the particular risk or adventure or the time for which it is made, the names of the subscribers or underwriters, and the amount or amounts insured.
(4)
Where any sea insurance is made for or upon a voyage and also for time, or to extend to or cover any time beyond thirty days after the ship shall have arrived at her destination and been there moored at anchor, the policy shall be charged with duty as a policy for or upon a voyage and also with duty as a policy for time.
(5)
Notwithstanding anything contained in this section, a policy of sea insurance made for time may contain a continuation clause, and such a policy shall not be invalid on the ground only that by reason of the continuation clause it may become available for a period exceeding twelve months.
(6)
There shall be charged on a policy of sea insurance containing a continuation clause the stamp duty mentioned in the First Schedule in addition to the stamp duty which is otherwise chargeable on the policy.
Stamp 47
(7)
If the risk covered by the continuation clause attaches and a new policy is not issued covering the risk, the continuation clause shall be deemed to be a new and separate contract of sea insurance expressed in the policy in which it is contained, but not covered by the stamp thereon, and the policy shall be stamped in respect of that contract accordingly, but may be so stamped without penalty at any time not exceeding thirty days after the risk has so attached.
(8)
Where any person, in consideration of any sum of money paid or to be paid for additional freight or otherwise, agrees to take upon himself any risk attending goods, merchandise or property of any description whatever while on board of any ship or vessel, or engages to indemnify the owner of any such goods, merchandise or property from any risk, loss or damage such agreement or engagement shall be deemed to be a contract for sea insurance.