Page 17 - Marine Insurance IC67 EBOOK
P. 17
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with carriers or others as applicable and any premium charged under the Policy,
refund obtained should go to reduce the claim inclusive of premium for War and Strikes
under the policy. risks, is taken into account when
determining whether the rate is 1/8% or
(8) The Policy should be issued subject to the less.
tariff "Duty Insurance Clause".
(b) When Inland Transit (Rail or Road) is
Stamp Duty covered in conjunction with a sea voyage;
the Policy must be stamped according to
A Marine cargo policy carries stamp duty as per the scale for sea voyage.
the Indian stamp Act. 1899 and amendments
thereto. The stamp duty is recoverable from the (2) For other than sea voyage (i.e. transit by rail,
insured. road or air) :
The scale of stamp duties in force for voyage
policies is as under : (a) 50 paise when sum insured is Rs.
5000/- or less
(1) For sea voyage and transit by country craft
10 paise for every Rs. 1,500/- or part (b) Rs. 1/- when sum insured is over Rs.
thereof (i.e., 0.006667%) subject to the 5,000/-
following.
(3) For postal sendings :
(a) When the rate charged is 1/8% (0.125%) (a) Scale as per (1) above, if involving sea
or less, the stamp duty is only 10 p voyage.
regardless of the sum insured. Total (b) Scale as per (2) above, for transits by
rail, road or air.
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