Marine Insurance Act (S.C. 1993, c. 22)

Marginal note:Floating policy

• 31 (1) A marine policy may be a floating policy, that is to say, a policy that describes the insurance in general terms and leaves the name of the ship and other particulars to be defined by subsequent declarations, either by endorsement on the policy or in any other customary manner.

• Marginal note:Declarations

  (2) Unless a floating policy otherwise provides, declarations must be made in the order of dispatch or shipment and must, in the case of goods, include all consignments within the terms of the policy and honestly state the value of the goods.

• Marginal note:Rectification

  (3) An omission in a declaration or an erroneous declaration may be rectified even after loss or arrival if the omission or declaration was made in good faith.

• Marginal note:Idem

  (4) Unless a floating policy otherwise provides, where a declaration of value is not made until after notice of loss or arrival, the policy shall be treated as an unvalued policy with respect to the subject-matter of that declaration.