Stamp Act · s 26

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26.
Directions as to sea policy
(1) No contract for sea insurance shall be valid unless the same is expressed in a sea policy.
(2) No policy of sea insurance made for time shall be made for any time exceeding 12 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, 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 in this section contained 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 12 months.
(6) There shall be charged on a policy of sea insurance containing a continuation clause the stamp duty mentioned in Schedule 1 in addition to the stamp duty which is otherwise chargeable on the policy.
(7) If the risk covered by the continuation clause attaches and a new policy is not issued covering the risk, the continuation clause is 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

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stamped in respect of that contract accordingly but may be so stamped without penalty at any time not exceeding 30 days after the risk has so attached.

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s 26Directions as to sea policy

(1)

No contract for sea insurance shall be valid unless the same is expressed in a sea policy.

(2)

No policy of sea insurance made for time shall be made for any time exceeding 12 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, 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 in this section contained 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 12 months.

(6)

There shall be charged on a policy of sea insurance containing a continuation clause the stamp duty mentioned in Schedule 1 in addition to the stamp duty which is otherwise chargeable on the policy.

(7)

If the risk covered by the continuation clause attaches and a new policy is not issued covering the risk, the continuation clause is 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

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stamped in respect of that contract accordingly but may be so stamped without penalty at any time not exceeding 30 days after the risk has so attached.