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Chapman -v- Kadirga

5th Mar 1998

[1998] Lloyd’s IR 377

Marine insurance – Premium – Relationship and status of broker – General rule that premium payable to broker – Broker insolvent – Agreement ousting general rule – Clear words required – Effect of payment of premium warranty, brokers cancellation clause – “Premium due and payable to [broker] at inception of risk, or as agreed” – Payment of premium clause – Instalment payments – Successive instalments due and payable on dates which occurred at three monthly intervals during term of policy – Whether premium, which comprised aggregate of instalments, was itself divisible between successive three month periods.

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