368 SECRETARIAL PRACTICE
‘nothing in this Act or in any repeal effected thereby shall
affect the provisions of the Stamp Act, 1891, or any enactment
for the time being in force relating to the revenue.’

The stamp duties on policies of sea insurance vary according
to circumstances.

Where the premium for the insurance does not exceed
the rate of 2s. 6d. per cent. of the sum insured the duty is 1d.,
and it is provided by s. 8 of the Finance Act, 1912, that this
duty shall be payable where the premium is expressed to be
a sum not exceeding the rate of 2s. 64. per cent. of the sum
insured, although this premium is subject to an increase
(whether defined or not in the policy) in the event of the
occurrence .of a specified contingency. The section also
provides that if, owing to the occurrence of the contingency,
the premium is increased, so as to exceed the rate of 2s. 6d.
per cent., the policy or a new policy may be stamped with the
proper additional duty within thirty days after the date on
which the increased duty is ascertained.

In any other case the duty depends upon the sum insured,
and the duties payable are as follows: —

(a) In the case of a policy for a voyage the duty is at the
rate of 3d. for every £250 or fractional part of £250
up to £1000, and thereafter 64. for every £500 of the
sum insured ;

In the case of a policy for time the duty is three
times the amount payable on a voyage policy if the
insurance be made for any time not exceeding six
months, or six times that of a voyage policy if the
time exceeds six months and does not exceed twelve
months, but there is a provision for an additional
duty of 64. if the policy contains a continuation
clause. It is not necessary that a policy for time
should be confined to one ship [Great Britain Steamship
Premium Association v. White, 19 Rettie, 109].
It is necessary to specify in the policy :—

(a) The particular risk or adventure;

{b) The names of the subscribers or underwriters; and

(¢) The sum or sums insured.

The provision requiring the names of the subscribers or
underwriters to be inserted is a reproduction of the old law
contained in an Act of 1795, when it was not competent for
any body of persons except the Corporation of the London
Assurance and the Royal Exchange Assurance to become
assurers: and so long ago as the vear 1849 it was held in two

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