INSURANCE OF FISHING-BOATS. 131 



shall be insured, the one with underwriters in the ordinary 

 manner for three-fourths her value, and the other with the 

 company whose system I advocate for two-thirds her 

 value, and both vessels shall be damaged, or be liable for 

 damage which they have caused to other - vessels, to the 

 extent of 360. The owner insured in the ordinary 

 manner would be settled with as follows : As he insured 

 his vessel himself to the extent of one-fourth, the sum of 

 90 would be first deducted, leaving a balance of ^"270. 

 From this sum the one-third " new for old," amounting 

 also to ^"90, would be deducted, and the boat-owner there- 

 fore would receive the sum of 180 towards the payment 

 of his damages of 360 m other words, although he would 

 pay premiums upon three-fourths of the value of his vessel, 

 he would be compelled to underwrite himself to the extent 

 of one-half. The owner insured with the Company I 

 represent would be settled with thus : As he insured 

 himself to the extent of one-third, the sum of 120 would 

 be deducted, and he would be paid the balance, 240. 

 The boat-owner therefore, insuring with my Company for 

 only two-thirds, would get 60 more than the boat-owner 

 insuring in the ordinary manner for three-fourths the value 

 of his vessel. 



Vessels off Risk. A very special feature of the system I 

 advocate is that vessels may be declared " off risk " at 

 their owners' option, upon a written notice, signed by the 

 insurer, being given to the secretary of the company. 

 This rule is based upon the common-sense principle that 

 only those vessels which are liable to sustain damages 

 themselves should be called upon to contribute towards 

 the payment for damages which may be sustained by 

 other vessels ; in other words, that it is unjust to charge 

 boat-owners whose vessels may be hauled up, or which 



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