Maritime Insurance is effected either on a voyage from one port to another, in which case it is called a voyage policy, or it is from one given day to another, in which case it is called a time policy. When the value of the property insured is expressed in the policy, it is called a valued policy, and when not so expressed it is an open policy. In general, wagering or gaming policies are void by statute, and the insurer must have some interest in the ship, such as the profits of the voyage or the freight. The insur ance of seamen's wages, however, is not competent, for it tends to take away the stimulus of exertion from the crew. When the policy states a fixed sum as the value of the property, and expressly provides that the policy shall be deemed sufficient proof of interest, the insurance is an insurance " interest or no interest," and void by the statute. When the policy is a voyage policy, there is an implied warranty by the insurer that the ship is seaworthy at the commencement of the voyage, hut there such warranty in a time policy. As is the case in fire and life policies, any frauddlent concealment of material circumstances which increase the risk will void the policy.
But everything done in the usual course of navigation and trade is presumed to have been foreseen, and in contemplation of both parties. The policy is understood to cover the risk, not only of the perils of the sea, properly so called, but of ignorance or negligence on the part of the master or mariners. But the loss caused by mere tear and wear is not covered by the policy; the cause of the loss must be something fortui tous or accidental. Every policy impliedly assumes that the vessel will proceed straightway to her place of destination, without unnecessary delay. But sometimes, from unforeseen causes, it is absolutely necessary for the master to deviate, in which case, and in which only, the policy will remain good, strict proof, however, being always given of this imperious necessity. When the ship has been so injured or deteriorated as to render it hopeless to restore it, and the repairs will cost more than the ship is worth, the assured may abandon the ship, and claim for a total loss. Ste AVERAGE.