Insurance Act 1902 (NSW)

Insurance Act 1902 No 49

An Act to consolidate the enactments relating to Life, Fire, and Marine insurance.

Part 1 Preliminary

1 Name of Act This Act may be cited as the Insurance Act 1902.

2 Repeals The Acts mentioned in Schedule 1 are, to the extent therein expressed, hereby repealed.

Parts 2, 3 3–13 (Repealed)

Part 4 Fire insurance policies assignment

14 Assignment of fire policy (1) It shall be lawful to make an assignment of a fire policy by endorsement on such policy with the consent in writing of the company or person issuing the same endorsed on such policy. (2) Such assignment shall be in the words or to the effect following, namely, "I, AB, of, etc, do hereby assign unto CD the within policy of insurance on [here describe property insured, etc] In witness whereof, etc".

15 Assignee may sue in his or her own name Whenever a fire policy has been assigned in such manner and with such consent as aforesaid so as to pass the beneficial interest in such policy to any person entitled to the property thereby insured the assignee of such policy shall be entitled to sue thereon in the assignee's own name. The defendant in any action shall be entitled to make any defence which the defendant would have been entitled to make if the said action had been brought before such assignment in the name of the person by whom or on whose account the policy sued upon was effected.

16 Definition For the purposes and in the construction of sections 14 and 15, the expression fire policy means any instrument by which the payment of money is assured or secured on the happening of any of the contingencies in the nature of loss or damage to property by fire named in such instrument.

Part 5 Re-Insurance—marine risks

17 Re-insurance of marine risks may be made Notwithstanding anything contained in the Imperial Act passed in the nineteenth year of the reign of King George the Second, chapter thirty-seven, it shall be lawful to make re-insurance upon any ship or vessel, or upon any goods, merchandise, or other property on board any ship or vessel, or upon the freight of any ship or vessel, or upon any other interest in or relating to any ship or vessel which may lawfully be insured.