nd down in fathoms many went the captain and the crew;
Down went the owners — greedy men whom hope of gain allured:
Oh, dry the starting tear, for they were heavily insured.
Review of marine insurance
It is wrong to say that the Australian Marine Insurance Act 1909 (“MIA”) has
re-mained immune from amendment in the nine decades since its enactment. In
Second Schedule (which sets out the text of the antique Lloyd’s SG policy) was amended
as a result of the introduction of decimal currencyand in 1973 s 2, which set out
to the Act, was repealed.The biggest change to its operation occurred in 1998 by
of amendments to other legislation which removed the insurance of pleasure craft
WS Gilbert, “Etiquette” from The “Bab” Ballads, 1866-1871.
The Statute Law Revision (Decimal Currency) Act 1966 (Cth) replaced the words
“Five pounds per cent” and “Three
pounds per cent” with the more modern formulations “five per centum” and
“three per centum” respectively.
By the Statute Law Revision Act 1973 (Cth).
Reform of the Marine Insurance Act: Options and Constraints