### Marine Insurance Ordinance 《海上保險條例》

20. Representations pending negotiation of contract
(1) Every material representation made by the assured or his agent to the insurer during the negotiations for the contract, and before the contract is concluded, must be true. If it be untrue the insurer may avoid the contract.
(2) A representation is material which would influence the judgment of a prudent insurer in fixing the premium, or determining whether he will take the risk.
(3) A representation may be either a representation as to a matter of fact, or as to a matter of expectation or belief.
(4) A representation as to a matter of fact is true, if it be substantially correct, that is to say, if the difference between what is represented and what is actually correct would not be considered material by a prudent insurer.
(5) A representation as to a matter of expectation or belief is true if it be made in good faith.
(6) A representation may be withdrawn or corrected before the contract is concluded.
(7) Whether a particular representation be material or not is, in each case, a question of fact.
[cf. 1906 c. 41 s. 20 U.K.]

21. When contract is deemed to be concluded
A contract of marine insurance is deemed to be concluded when the proposal of the assured is accepted by the insurer, whether the policy be then issued or not; and, for the purpose of showing when the proposal was accepted, reference may be made to the slip or covering note or other customary memorandum of the contract.
[cf. 1906 c. 41 s. 21 U.K.]

22. Contract must be embodied in policy
Subject to the provisions of any Ordinance, a contract of marine insurance is inadmissible in evidence unless it is embodied in a marine policy in accordance with this Ordinance. The policy may be executed and issued either at the time when the contract is concluded, or afterwards.
[cf. 1906 c. 41 s. 22 U.K.]

23. What policy must specify
A marine policy must specify the name of the assured, or of some person who effects the insurance on his behalf.
[cf. 1906 c. 41 s. 23 U.K.]

24. Signature of insurer
(1) A marine policy must be signed by or on behalf of the insurer, provided that in the case of a corporation the corporate seal may be sufficient, but nothing in this section shall be construed as requiring the subscription of a corporation to be under seal.
(2) Where a policy is subscribed by or on behalf of two or more insurers, each subscription, unless the contrary be expressed, constitutes a distinct contract with the assured.
[cf. 1906 c. 41 s. 24 U.K.]

### Marine Insurance Ordinance 《海上保險條例》

25. Voyages and time policies
Where the contract is to insure the subject-matter “at and from”, or from one place to another or others, the policy is called a “voyage policy”, and where the contract is to insure the subject-matter for a definite period of time the policy is called a “time policy”. A contract for both voyage and time may be included in the same policy.
[cf. 1906 c. 41 s. 25 U.K.]

26. Designation of subject-matter
(1) The subject-matter insured must be designated in a marine policy with reasonable certainty.
(2) The nature and extent of the interest of the assured in the subject-matter insured need not be specified in the policy.
(3) Where the policy designates the subject-matter insured in general terms, it shall be construed to apply to the interest intended by the assured to be covered.
(4) In the application of this section regard shall be had to any usage regulating the designation of the subject-matter insured.
[cf. 1906 c. 41 s. 26 U.K.]

27. Valued policy
(1) A policy may be either valued or unvalued.
(2) A valued policy is a policy which specifies the agreed value of the subject-matter insured.
(3) Subject to the provisions of this Ordinance, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial.
(4) Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
[cf. 1906 c. 41 s. 27 U.K.]

28. Unvalued policy
An unvalued policy is a policy which does not specify the value of the subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore specified.
[cf. 1906 c. 41 s. 28 U.K.]

### Marine Insurance Ordinance 《海上保險條例》

29. Floating policy by ship or ships
(1) A floating policy is a policy which describes the insurance in general terms, and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration.
(2) The subsequent declaration or declarations may be made by endorsement on the policy, or in other customary manner.
(3) Unless the policy otherwise provides, the declarations must be made in the order of dispatch or shipment. They must, in the case of goods, comprise all consignments within the terms of the policy, and the value of the goods or other property must be honestly stated, but an omission or erroneous declaration may be rectified even after loss or arrival, provided the omission or declaration was made in good faith.
(4) Unless the policy otherwise provides, where a declaration of value is not made until after notice of loss or arrival, the policy must be treated as an unvalued policy as regards the subject-matter of that declaration.
[cf. 1906 c. 41 s. 29 U.K.]

30. Construction of terms in policy
(1) A policy may be in the form in the Schedule.
(2) Subject to the provisions of this Ordinance, and unless the context of the policy otherwise requires, the terms and expressions mentioned in the Schedule shall be construed as having the scope and meaning in that schedule assigned to them.
[cf. 1906 c. 41 s. 30 U.K.]

31. Premium to be arranged
(1) Where an insurance is effected at a premium to be arranged, and no arrangement is made, a reasonable premium is payable.
(2) Where an insurance is effected on the terms that an additional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.
[cf. 1906 c. 41 s. 31 U.K.]