§ Order for Committee read.
§ MR. CANDLISH moved that the House go into Committee pro formâ, with the view of making certain Amendments in the Bill to meet the objections of the Government, and having the Bill re-printed.
§ MR. STEPHEN CAVEsaid, as this Bill originally stood, it would have been 420 impossible for the Government to have given their assent to its proceeding further; because whatever may have been the intention of the promoters, there appeared on the face of the Bill an attempt to legalize what the law has always set its face against—namely, the dealing in marine policies, as if they were life policies, passing current like bills of exchange. Now, an endeavour has lately been made in this House to alter the law in the same sense with respect to fire policies—this was unsuccessful, and such a change would be fraught with peril. What is fire or marine insurance? It is a contract of indemnity from loss or damage arising from an uncertain event—the object is not to make a positive gain, but to avert possible loss. There cannot be indemnity without loss, or loss without interest. A policy, therefore, without interest is not insurance but a mere wager, and it would, in fact, hold out temptation to the assignee to set fire to. The house, or scuttle the ship, which is the subject of the insurance. The hon. Member has, however, accepted Amendments, and is ready to adopt others which will very much alter his Bill, and will, I hope, secure two necessary things—first, the non-severance of the policy from interest in the property insured; and secondly, that which is absolutely essential when you assign an obligation or contract, subject to rights of set off and mutual credit—namely, protection to the underwriter from all liability beyond that to which he would have been subjected if the policy had not been assigned. The hon. Member has stated that there is a strong desire among the commercial classes connected with shipping for this measure. Under these circumstances, though objection may be taken to it as fragmentary legislation, I have no objection to the Motion that you, Sir, leave the Chair, in order that the Bill maybe committed pro formâ, for the purpose of its being re-printed with Amendments.
§ Bill considered in Committee.
§ Bill reported; to be printed, as amended [Bill 203]; re-committed for Thursday.