370

SECRETARIAL PRACTICE
There is a special provision in s. 8 of the Finance Act,
1903, which relates to ships under construction that a policy
to cover this risk is to be charged as a policy for a voyage,
and if made to cover a period of time is not to be deemed a
time policy. Such a policy may accordingly cover a period
of time exceeding twelve months.

It is provided in s. 95 of the Act of 1891 that a policy of
sea insurance may not be stamped after it is signed or under-
written except in two cases, of which the first relates to
policies of mutual insurance and allows a duly stamped
policy to be stamped with further duty to cover a proposed
extension of the sum for which it was originally underwritten,
and the second relates to policies executed out of but en-
forceable within the United Kingdom, and allows them to be
stamped within ten days after their first being received in the
United Kingdom. To these two exceptions must be added
the stamping of a policy to cover a risk under a continuation
clause or an increase of the premium as provided for by the
Acts of Igor and 1912.

There is a special provision in s. g6 of the Act of 1891
permitting alterations in a policy under certain circumstances.
These alterations must be made before notice of the deter-
mination of the risk insured. In an old case [Sawtell v.
Loudon, 5 Taunt 358] decided in 1814, it was held that a
mistake by a broker in making out a policy as upon the
ship instead of upon goods in the ship could be rectified
by a memorandum signed by the underwriter. In like
manner a mistake in the name of the ship insured can be
rectified, and similarly other alterations of the same character
which do not affect the stamp duty may be made, but it was
held in 180%, in the case of Hill v. Patton [8 East 373], that
a policy on a ship and outfit for a voyage cannot be altered
after the ship has sailed and the risk has attached so as to
make it available for the ship and goods, seeing that the
outfit of a ship is an entirely different subiect of insurance
from the goods on board.

Although a policy of sea insurance cannot, except as above
mentioned, be stamped after it is signed or underwritten, it
may, under sub-s. (2) of s. 95 of the Act of 1891, be received
in evidence as provided by s. 14 of the same Act upon pay-
ment of the duty charged thereon and a penalty of £100 as
the penalty payable on stamping.

Policies of A policy of life insurance is defined by s. 98 of the Stamp
Life Act, 1891, as meaning ‘a policy of insurance upon any life or
Insurance. {ives or upon any event or contingency relating to or depending