Colonel Guestasked the President of the Board of Trade whether, under the provisions of the War Damage Act, 1941, and, if so, from what date must premiums be paid retrospectively by a limited liability company so that they are fully covered for any damage by enemy action; and whether machinery and plant of an engineering business must be insured to comply with the provisions of this Act?
§ Mr. LytteltonIn principle, the premium payable under the business insurance scheme is fixed at 30s. per cent, to cover the period from the outbreak of war until 30th September, 1941. For reasons of practical convenience this amount will be collected at the rate of 10s. per cent, on separate policies for three successive periods, the first beginning on 17th April, 1941, and the third ending on 30th September, 1941. To obtain cover against war damage occurring on or after 17th April, 1941, to goods falling within the business scheme, a company must take out a policy of insurance within 30 days of that date. Companies whose goods have sustained war damage before that date should, if they have not already done so, complete Form V.O.W.I and send it to the Valuer of the Board of Inland Revenue for their district. Compensation for past damage will be paid so far as possible on the same basis as if insurance had 45W been effected, subject to an appropriate deduction in respect of premium. The answer to the second part of the Question is that machinery and plant which does not fall within the definition of "land" in Section 95 of the Act must be insured if its value exceeds £1,000.