3454 AWARD OF THE FISHERY COMMISSION. 



them at oue time amounts to the following percentage on the whole 

 value of the vessel as valued in the policy, viz. : 



A vessel valued at 88,000, and upwards, 10 per cent. 



" " from 7,000 to $8,000, 12 per cent. 



" " " 6,000 to 7,000, 14 per cent. 



" " " 5,000 to 6,000, 16 per cent. 



" " " 4,000 to 5,000, 18 per cent. 



" u " 3,000 to 4,000, 20 per cent, 



" " " 2,000 to 3,000, 24 per cent. 



" " " 1,500 to 2,000, 30 per cent. 



All under 1,500 35 per cent. 



And under such adjustment one-third shall be deducted for new ; but 

 the Directors are authorized and empowered, in case of partial loss, 

 under this article, to compromise with the assured when, in their judg- 

 ment it would be for the interest of the Company so to do. 



Article 18. Whene% r er the Directors shall require it, a survey shall be 

 called upon any vessel receiving damages supposed sufficient to entitle 

 them to repairs by the Company, and such repairs when ordered by said 

 survey, shall be made as they shall direct and be done in a faithful and 

 workmanlike manner, and with good materials, one-third to be deducted 

 for new in the adjustment of the loss ; said repairs to be made under 

 the direction of the Directors when practicable ; notice of such damage 

 to be given within ten days of the arrival of the vessel, or no loss will 

 be allowed. 



Article 19. In case any vessel insured by this Company shall be 

 stranded, and the master or owner shall think it for the interest of the 

 Company to get such vessel off and save the property, the Company do 

 hereby pledge themselves to pay their proportion of all reasonable 

 charges which may arise in consequence of such condition, whether 

 successful or not. 



Article 20. No claim for a total loss shall be allowed by this Com- 

 pany, unless the cost of repairs (according to the laws of the Company,) 

 at oue time, after deducting one third for new, amounts to fifty per 

 cent, of the value of the vessel as in the Policy. 



Article 21. This Company will insure the outfits or cargo of any 

 Gloucester vessel. The amount to be insured on such outfits or cargo 

 shall be designated in the Policy separately from the vessel, but no 

 claim shall be allowed for the sum so insured, unless the loss amounts 

 to or exceeds 10 per cent, of the value of said outfits or cargo on board 

 at the time of loss, and that loss shall be caused by fire or by the danger 

 of the seas. No claim for loss on, or damage to outfits or cargo carried 

 on deck shall be allowed by the Company. In adjusting losses on out- 

 fits, the whole catch shall be considered as outfits. 



Article 22. Each and every stockholder shall furnish vessels, outfits 

 or cargo to be insured, the amount of insurance of which shall be at 

 least seven-eighths of the amount of stock subscribed by him ; should he 

 fail to comply with the above requirement, he shall be held to pay the 

 lowest rate of premium on such sum as shall make the required amount. 



Article 23. This Company will not be held for any loss or damage by 

 restraint or seizure by any legal or illegal power whatsoever, or for ac- 

 cident or damage which may happen to any vessel while she may be un- 

 der such restraint or seizure. 



Article 24. Sixty days from the supposed or known loss of any vessel, 

 the insured may make the same known to the Company, and furnish a 

 written statement of the destination of the vessel, and such other facts 

 as the Directors may deem of importance ; and if on mature delibera- 



