Cap. 13 ст. 384When contract of insurance is null.

A contract of insurance is null, if made upon -

(a) the pay or wages of members of the crew;

(b) the premium or primage payable to the master;

(c) vessels or goods charged, before the commencement of the voyage, with a loan on bottomry for their entire value: Provided that if such vessels or goods are only in part charged with such loans, the contract of insurance shall be valid for the excess of their value over the sum borrowed.