Section 56. Policy of Insurance of any ship, vessel, sloop, lighter boat, or the like, or of any goods or proper

56. Policy of Insurance of any ship, vessel, sloop, lighter boat, or the like, or of any goods or property on board, or upon the freight of any ship, vessel, sloop, lighter boat, or the like, or upon any other interest relating thereto, or upon any voyage where the premium shall not exceed two per centum on the sum insured. If the whole sum insured shall not exceed one thousand Rupees | Rupees. | Annas. | | --- | --- | | 0 | 8 | | 1 | 0 | | 2 | 0 | | 4 | 0 | | 6 | 0 | | 8 | 0 | | 2 | 0 | A Stamp of value equal to the joint value of the Stamp which would have been required had the subject of partition been actually divided with the just proportion and of the Stamp for a Conveyance or Deed of Sale for a sum equal to the amount so paid, or agreed to be paid, for the purpose of compensating the difference therefrom. | Rupees. | Annas. | | --- | --- | | 0 | 8 | If the sum insured exceed one thousand Rupees, for every one thousand Rupees, eight annas if executed singly; and if executed in a set of two, four annas for each number. Where the premium shall exceed two per cent. on the sum insured, if the whole sum shall not exceed one thousand Rupees ... If the sum insured exceed one thousand Rupees, for every one thousand Rupees and also for any fractional part of one thousand Rupees whereof the same shall consist, one Rupee if executed singly; and if executed in a set of two, eight annas for each number. If drawn in a set of more than two, each of the set in excess of two to be stamped as required for each one of a set drawn in a set of two. Note.—A letter of cover or engagement to issue a Policy of Insurance does not require a Stamp. Provided that, unless such letter or engagement bear the full Stamp prescribed for a Policy of Insurance, no money shall be paid or payable upon it, nor shall it be filed, exhibited, or recorded in any Court in India otherwise than to compel the delivery of a Policy on the prescribed Stamp. Promissory Note.—See Bill of Exchange.