Section 33 of the Marine Insurance Act, 1963 – Premium to be arranged

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Section 33: Premium to be arranged

  • (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.

Source: official text of The Marine Insurance Act, 1963 as published on India Code (PDF). All sections of the Marine Insurance Act, 1963.

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