The Marine Insurance Act, 1963 · The Premium

Section 54 – When premium payable

In force Last verified 11 November 2026

54. When premium payable

Unless otherwise agreed, the duty of the assured or his agent to pay the premium, and the duty of the insurer to issue the policy to the assured or his agent, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of the premium.

View in the full Act · · Official source