Section 163Chapter VIII
Transfer of policy of marine insurance
OF TRANSFERS OF ACTIONABLE CLAIMS
34[130A.
(1)
A policy of marine insurance may be transferred by assignment unless it contains terms expressly prohibiting assignment, and may be assigned either before or after loss.
(2)
A policy of marine insurance may be assigned by endorsement thereon or in any other customary manner.
(3)
Where the insured person has parted with or lost his interest in the subject-matter insured, and has not, before or at the time of so doing, expressly or impliedly agreed to assign the policy, any subsequent assignment of the policy is inoperative:
(4)
Nothing in clause
(e)
of section 6 shall affect the provisions of this section.]
Explanation
Provided that nothing in this sub-section affects the assignment of the policy after loss.