[1998] Lloyd’s Rep IR 377

Gavin Geary – 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.