Stamp Act · 2022 Revised Edition · Part 2
26. Directions as to sea policy
Official textFrom Attorney General's Chambers, unchanged
No contract for sea insurance shall be valid unless the same is expressed in a sea policy.
No policy of sea insurance made for time shall be made for any time exceeding 12 months.
policy of sea insurance
“policy of sea insurance” means any insurance (including re-insurance) made upon any ship or vessel (whether for marine or inland navigation) or upon the machinery, tackle or furniture of any ship or vessel or upon any goods, merchandise or property of any description whatever on board of any ship or vessel or upon the freight of or any other interest which may be lawfully insured in or relating to any ship or vessel; and includes any insurance of goods, merchandise or property for any transit which includes, not only a sea risk as above, but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance. 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 such goods merchandise or property from any risk, loss or damage, such agreement or engagement is deemed to be a contract for sea insurance;
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.
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.
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.
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.
chargeable
“chargeable” means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act, and as applied to any other instrument chargeable under the law in force in Brunei Darussalam when such instrument was executed or, when several persons executed the instrument at different times, first executed;
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.
Terms defined in s 2
chargeable
Defined · s 2“chargeable” means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act, and as applied to any other instrument chargeable under the law in force in Brunei Darussalam when such instrument was executed or, when several persons executed the instrument at different times, first executed;
policy of sea insurance
Defined · s 2“policy of sea insurance” means any insurance (including re-insurance) made upon any ship or vessel (whether for marine or inland navigation) or upon the machinery, tackle or furniture of any ship or vessel or upon any goods, merchandise or property of any description whatever on board of any ship or vessel or upon the freight of or any other interest which may be lawfully insured in or relating to any ship or vessel; and includes any insurance of goods, merchandise or property for any transit which includes, not only a sea risk as above, but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance. 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 such goods merchandise or property from any risk, loss or damage, such agreement or engagement is deemed to be a contract for sea insurance;
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Time of Stamping Instruments
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