(1) Where an insurance is effected at a premium to be arranged, and no arrangement is made, a reasonable premium is payable.
(2) Where an insurance is effected on the terms that an additional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.
(2) Where an insurance is effected on the terms that an additional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.
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Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Marine insurance defined.Section 4 · Mixed sea and land risks.Section 5 · Lawful marine adventure.Section 6 · Avoidance of wagering contracts.Section 7 · Insurable interest defined.Section 8 · When interest must attach.India Code, Government of India. Text fetched 25 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.