1745: 19 George 2 c.37: An Act to regulate Insurance on Ships belonging to the Subjects of Great Britain, and on Merchandizes or Effects laden thereon.

[45 Eliz. c, 12. 13 & 14 Car. 2. c. 23. 6 Geo. 1. c. 18. 7 Geo. 1. c. 27. 8 Geo. 1. c. 15. 11 Geo. 1. c. 30.]

‘WHEREAS it hath been found by Experience, that the making Assurances, Interest or no Interest, or without further Proof of Interest than the Policy, hath been productive of many pernicious Practises, whereby great Numbers of Ships, with their Cargoes, have either been fraudulently lost and destroyed, or taken by the Enemy in Time of War; and such Assurances have encouraged the Exportation of Wool, and the carrying on many other prohibited and clandestine Trades, which by Means of such Assurances have been concealed, and the Parties concerned secured from Loss, as well to the Diminution of the public Revenue, as to the great Detriment of fair Traders; and by introducing a mischievous kind of Gaming or Wagering, under the Pretence of assuring the Risque on Shipping, and fair Trade, the Institution and laudable Design of making Assurances, hath been perverted; and that which was intended for the Encouragement of Trade and Navigation, has, in many Instances, become hurtful of, and destructive to the same:’ For Remedy whereof, be it enacted by the King’s most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same,

[No Assurance to be made on Ships or Effects, &c. of Subjects, Interest or no Interest.]

That from and after the first Day of August one thousand seven hundred and forty six, no Assurance or Assurances shall be made by any Person or Persons, Bodies Corporate or Politic, on any Ship or Ships belonging to his Majesty, or any of his Subjects, or on any Goods, Merchandizes or Effects laden or to be laden on Board of any such Ship or Ships, Interest or no Interest, or without further Proof of Interest than the Policy, or by way of Gaming or Wagering, or without Benefit of Salvage to the Assurer; and that every such Assurance shall be null and void to all Intents and Purposes.

[Assurance on private Ships of War, may be made Interest or no Interest.]

II. Provided always, and be it further enacted by the Authority aforesaid, That Assurance on private Ships of War, fitted out by any of his Majesty’s Subjects solely to cruise against his Majesty’s Enemies, may be made by or for the Owners thereof, Interest or no Interest, free of Average, and without Benefit of Salvage to the Assurer; anything herein contained to the contrary thereof in any wise notwithstanding.

[Assurance on Effects from Spain or Portugal.]

III. Provided also, and it is hereby enacted, That any Merchandizes or Effects from any Ports or Places in Europe or America, in the Possession of the Crowns of Spain or Portugal, may be assured in such Way and Manner, as if this Act had not been made.

[Re-assurance in what Cases admitted, &c.]

IV. And be it further enacted by the Authority aforesaid, That it shall not be lawful to make Re-assurance, unless the Assurer shall be insolvent, become a Bankrupt, or die; in either of which Cases such Assurer, his Executors, Administrators or Assigns, may make Re-assurance, to the Amount of the Sum before by him assured, provided it shall be expressed in the Policy to be a Re-assurance.

[The Conditions for lending Sums on in Bottom-ree upon Ships bound to or from the East Indies.]

V. And be it further enacted by the Authority aforesaid, That from and after the said first Day of August, all and every Sum and Sums of Money to be lent on Bottom-ree, or at Respondentia, upon any Ship or Ships belonging to any of his Majesty’s Subjects, bound to or from the East-Indies, shall be lent only on the Ship, or on the Merchandise or Effects laden, or to be laden on Board of such Ship, and shall be so expressed in the Condition of the Bond; and the Benefit of Salvage shall be allowed to the Lender, his Agents or Assigns, who alone shall have a Right to make Assurance on the Money so lent; and no Borrower of Money on Bottom-ree, or at Respondentia, as aforesaid, shall recover more on any Assurance than the Value of his Interest on the Ship, or in the Merchandizes or Effects laden on Board of such Ship, exclusive of the Money so borrowed; and in case it shall appear that the Value of his Share in the Ship, or in the Merchandizes or Effects laden on Board, doth not amount to the full Sum or Sums he hath borrowed as aforesaid, such Borrower shall be responsible to the Lender for so much of the Money borrowed, as he hath not laid out on the Ship or Merchandizes laden thereon, with lawful Interest for the same, together with the Assurance, and all other Charges thereon, in the Proportion the Money not laid out shall bear to the whole Money lent, notwithstanding the Ship and Merchandizes be totally lost.

[In all Actions Plaintiff to declare within 15 Days what Sums he hath assured.]

VI. And be it further enacted by the Authority aforesaid, That in all Actions or Suits brought or commenced after the said first Day of August, by the Assured, upon any Policy of Assurance, the Plaintiff in such Action or Suit, or his Attorney or Agent, shall within fifteen Days after he or they shall be required so to do in Writing, by the Defendant, or his Attorney or Agent, declare in Writing what Sum or Sums he hath assured, or caused to be assured in the Whole, and what Sums he hath borrowed at Respondentia or Bottom-ree, for the Voyage, or any Part of the Voyage in Question in such Suit or Action.

‘VII. And whereas it is unreasonable that any Person or Persons, Body or Bodies Corporate, subscribing, sealing, or otherwise executing any Policy or Policies of Assurance, should be put to any Costs, Charges or Expences, in any Suit or Action at Law, to be brought on such Policy or Policies, in case such Person or Persons, Body or Bodies Corporate, is or are ready and willing to pay such Damages and Costs, as shall and may be really and bona fide due thereon, which at present they are liable to, and often forced unjustly to bear, for that in many Cases upon such Policies, no Money can be brought into Court:’ For Remedy whereof, be it enacted by the Authority aforesaid,

[Persons sued on Policies of Assurance, to bring the Money into Court;]

That from and after the said first Day of August, it shall and may be lawful for any Person or Persons, Body or Bodies Corporate, sued in any Action or Actions of Debt, Covenant, or upon any other Action or Actions, on any Policy or Policies of Assurance, to bring into Court any Sum or Sums of Money;

[Plaintiff not accepting it, and Jury not assessing greater Damages, to pay Costs.]

and if any such Plaintiff or Plaintiffs shall refuse to accept such Sum or Sums of Money, so brought into Court as aforesaid, with Costs to be taxed, in full Discharge of such Action or Actions, and shall afterwards proceed to Trial in such Action or Actions, and the Jury shall not assess Damages to such Plaintiff or Plaintiffs, exceeding the Sum or Sums of Money so brought into Court, such Plaintiff or Plaintiffs, in every such Case and Cases, shall pay to such Defendant or Defendants, in every such Action and Actions, Costs to be taxed; any Law, Custom or Usage to the contrary, notwithstanding.

[Limitations of this act.]

VIII. Provided always, and it is hereby declared, That this Act shall not extend to, or be in Force against any Persons residing in any Parts or Places in Europe out of his Majesty’s Dominions, for whose Account any Assurance or Assurances shall be made before the twenty-ninth Day of September in the Year of our Lord one thousand seven hundred and forty six; nor extend to, or be in Force against any Persons residing in any Parts or Places in Turkey, or in Asia, Africa or America, for whose Account any Assurance or Assurances shall be made before the twenty fifth Day of March in the Year of our Lord one thousand seven hundred and forty-seven; any thing herein contained to the contrary thereof in any wise notwithstanding.

[Concerning Insurance see farther 21 Geo. 2. c. 4. 25 Geo. 2. c. 26.]

Source: Ruffhead, Statutes at Large, volume 6.

See also: 1785: 25 George 3 c.44: Marine Insurance; 1788: 28 George 3 c.56: Repeal of Marine Insurance Act.

Further reading: Wikipedia.