Question

In marine insurance, premium is paid in: ​

Answer 1

Answer:

The Marine Insurance Act 1906 (MIA) makes it clear in section 52 that it is the concurrent duty of the assured or his agent to pay the premium and for the insurer to issue the policy

Answer 2

Answer:

The Marine Insurance Act 1906 (MIA) makes it clear in section 52 that it is the concurrent duty of the assured or his agent to pay the premium and for the insurer to issue the policy. The policy form used by most insurers states that insurers agree to fulfil their obligations “in consideration of the payment of the premium”. In reality the premium is seldom paid at the time of commencement of cover, which means that cover is granted against the promise of payment.