§ MR. MACLEAN (Bath)I beg to ask the President of the Board of Trade whether he is aware of the growth of P.P.I. (policy proof of interest) marine insurances, whereby insurers gamble in vessels in which they have no real interest and thereby put up the rates against the shipowners and other legitimate insurers and otherwise damage their interests; and, if so, will he take into consideration the advisability of devising means to counteract this growing evil.
§ MR. McARTHURasked whether it was not a fact that these insurances, while undoubtedly used for gambling purposes, were also extensively used for the insurance of interests which were real and substantial, but difficult of proof under the law of marine insurance.
§ MR. CHURCHILLNo doubt the matter presents many complications. My attention has been called to these insurances, and I will consider, in conjunction with the interests concerned, whether any action can usefully be taken with regard to them.
§ MR. MACLEANasked whether the right hon. Gentleman would pay special attention to the case of the "Albion." The outside policies taken out by persons who had no real interest in the ship amounted to twice its value. Would the right hon. Gentleman take into consideration not only the financial interests involved, but also the serious risk of loss of life?
§ MR. CHURCHILLCertainly I will give that undertaking.