STAMP DUTIES 
369 
cases [Reid v. Allan, 19 Law Journ. Exch. 39 and Dowdall v. 
Allan, 19 Law Journ., Q.B. 41] that where policies are effected 
by a corporation or company it is a sufficient compliance 
with this provision if the name of the company or corporation 
is specified. In the case of a policy issued by a mutual 
insurance association it was held in 1880 [Marine Mutual 
Insurance Association Lid. v. Young, 43 L.T.R. 441] that 
the affixing of the seal of the association authenticated by 
the signature of the manager is sufficient. 
The policy may be either for a voyage or for time; but if 
for time the duration may not (except as provided by s. 11 
of the Finance Act, 1901) exceed twelve months. 
It has been established by a number of judicial decisions 
that a slip which is the first memorandum in an ordinary 
insurance is a contract of insurance, and not being a policy 
is not an instrument upon which an action can be maintained, 
but it can be looked at for collateral purposes wherever it is 
material. The omission to issue a policy cannot be waived 
by agreement between parties in order to obtain a decision 
upon questions arising upon a contract of insurance [Nixon 
v. Albion Marine Insurance Co., 2 Exch. 338]. A decision 
of much importance was given in 1900 in a proceeding in the 
Commercial Court [Charlesworth v. Faber, 5 Com. Cas. 408] 
relating to a time policy for twelve months, which included 
a clause as follows: — 
Should the vessel be at sea or abroad on the expiration 
of this policy it is agreed to hold her covered until 
arrival at her port of final destination in the United 
Kingdom or on the continent of Europe at a pro rata 
daily premium to the within. 
Bigham J. (Lord Mersey) held that this policy was void at 
law as being a contract of sea insurance made for a longer 
period than twelve months, and his decision was followed 
and affirmed by the Court of Appeal in another case [Royal 
Exchange Assurance v. Sjoforsakrings Aktiebolaget Vega (1901), 
2 K.B. 567], and led to an amendment of the law by s. 11 
of the Finance Act, 1901, which allowed the insertion of a 
continuation clause as defined in the section and charged 
on any policy containing such a clause an additional duty of 
bd. The section provided also for the payment, either upon 
that policy or upon a new policy, of the duty applicable to 
the new risk covered by the clause if it attaches. This ad- 
ditional duty is payable within thirty days after the risk 
has attached and is the duty applicable to a policy for a 
voyage. 
Continuation 
Clause.