MARINE INSURANCE CLUB.

New Zealand Herald, Volume I, Issue 179, 9 June 1864, Page 4

MARINE INSURANCE CLUB.

We have already, In previous issu.'s, recorded (lio cfiorts made in .Melbourne to establish :i marine assurance associulioii among shipowners, on mutual principles. We have now to mid tliat the committee have not been idle, but have prepared a form oi' policy and u set of rules to be adopted. A ropy of these, which are on the point of publication, have reached us, mid they appear to Imvii heen nnide suiliciently comprehensive. 'Jhe iunn of policy w very precise, and sets forth in v, !r v distinrt tcri.w" the intention that the " sulwrihers" insure "severely and respectively, but not jointly;" t]i ; it the "adventures and perils" assured against, an. of all the ordinary kinds, exclusive of" war risk, beiii" warranted free from ruptures, soiziu-os, and tlie con" sequences of any attempt llicrcat ;" ll'iat Hit: 10-s uidamage shall be made good to the amount assured i by the subscriber, "raleably and preportioimbiy ; only, and not jointly or in partnership ;" and, linallv i the nature and character of the " committee and i inspectors" of the association. The rules, fort v-one • in number, are of course not so ca.-ily described, i They iuchule regtilations jircscribing a deposit of two :i and a half per cent, on the amount insured, as a v security fund, the same to be refunded with interest a

after twelve months, with certain reservations : that no vessel under (iffy tons be admitted at nil. and bay slenmers only at tlio discretion of ihe fommittee of nianujieineiit; that the comvni'ice meet every week to pottli' losses, cit.", on approval, order payment within llnv.- months, or in cash less two and n-linl;" , jicv rt-iii. discount.; that usuyus and practices '. adopted at Lloyd's shnll bf adopted, except when . otherwise provided; fhn! ." ||-' cent be doducled incase „ I, N> or sivcrnif hajipfiiiiiff to vr-ssols trading west I of ICiinsiarnn Island, or Korlh of Morcton Hay.; that ; i\ vessel mii-si-m or unheard of for four-inontbe i.i the ■ AnMi'sil'siii colonics, im-huli-ng SV-v Zoiiiand, or for nim- mnnilis clsculu-iv, Mi.dl be considered los-t, an i interval licins; a.iov.ed nt discretion in the case of • vos-.-Ih ;ll»:liutoil.-d but not sr-oil to sink ; that vessels i ou.. r :iL'i'd in unlawful or contraband trade, tholich i liable for oilier losses, are not insmvil: that each ■ subscriber l-.e enlitlcil to cxivnses incurred in rescue, or allcinpteil rescue, even when total loss ensues ; i Ibat <]ani:i.-.-s sl.a'l, in all possible inslancc", he ■ n-OMiVcd in M.-lliounif: that advance* r.iav b<. made • al disi-r.-li.in, and under emditmn* for r.-pairF, assis- ; lance, salvage, &t:, and that insurers are warranted • free from nverw. unless Lteneral. or the ship bo ' burnt, sunk, or slnindeu. under the per cent on fir-t I" ela-s risks, .seven anil a ball per rent on second-class ' risks. Ihe claims ]o lie determined upon report by the mnnacincr coninnilee. Tin , remaimli-r of the rules ' a'-e for the regulation of matters parlakinj; more of 1 scncr.il detnil,' and apparently, ess.-rl willi the luMiiiiftciiiciii aiifl L'.ivcnimin! <>'.'".he a?soci:ifioii a ficni'ral jiieelinu , of Ibo?. , concerned will douht- • less, soon be called, to ('...isidi-r and adopt such of these ' rules and |be Ibrin of policy, or such portions of it as ' iimv V.i- aooroved of. The'rulos appear to have been ' μ-ut' up with eonsidemble care, and .judgment.— Aiyiix. «