A REVOLUTIONARY CHANGE

Evening Post, Volume CVIII, Issue 139, 9 December 1929, Page 14

A REVOLUTIONARY CHANGE

','. As the above cablegram states, Lloyd's insurance policy was adopted 12th ■: January, 1779, and there has been no ,'chauge in its phraseology since then, ex.eepting when in 1850 the words "Be it •known that" were substituted for the -words "In the name of God, Amen," with ivhich the policy originally began; and in |1574 a "waiver clause" was added; and lin 1919 the "frustration" clause was added, jreading "warranted free of any claim base :upon loss of, or frustration of, the issued ■;;voyage, or adventure, caused by arrests, Restraints, or detainments of kings, princes, ;V>r peoples." With these additions, the ■wording of the policy stands to-day as it ;.;did when first issued a'hundred and titty .years ago. It is, too, the standard form ;p£ policy of marine insurance throughout •the world.

.? But in comment upon the above cablegram, Messrs. B.ennie S. Cohen and Son .J(X.Z.), Ltd., Lloyd's insurance brokers, '.jWellington, explain that, although the iwording of the 1779 policy is unchanged, Jyet in consequence of various actions li'ought in the Courts on the original word*iug in the policy resulting in decisions sthat have established precedents, there stire overriding cargo clauses, or endorsei'inents that may nullify or wipe out the "clauses in the original policy; and clauses, 'again, that may override these overriding clauses —not only may, but have overriden •such original clause. .'>' Messrs. Cohen and Son agree that the ""standardisation" of the Lloyd's policy will be .of very great benefit to British rtracle. They describe the change as revolutionary, in its departure from tradition ftby so old-established and famous au Engslish institution as Lloyd's. i Tin; original policy provides for insur,'?ance "upon any kind of goods aud merchandise, and also upon the body, tackle, .apparel, ordnance, munition, artillery, ...boat, and other furniture of aud in the :'good ship, a vessel called the , whereof *is master, under God, for this present voy-<

■S Then, "Touching the adventures and perils which we the assurers are contented bear, and do take upon us. in this they are, of the seas, men-of-ivwaiy tire, enemies, pirates, rovers, thieves, '^jettisons, letters of Mart and counter <*Mart, surprises, takings at sea, arrests, '.restraints, detainments of all kings, jprinces, and people, of what nation, eondi;tion, or quality, soever; barratry of the master and marines, and all other perils, losses, and misfortunes that have or shall come to, the hurt, detriment, damage of- the said goods and merchandise and ship, etc., or any part thereof." And so on.