Section 17 in The Emergency Risks (Goods) Insurance Scheme
17. Overlapping policies, cancellation and refund.
- Notwithstanding anything continued in this scheme, where a policy has been taken out in respect of any goods insurable under this scheme and the said goods are subsequently exempted under sub-section (2) of Section 3, or destroyed otherwise then by any action or measure comprised in the expression "emergency risks"; the policy shall be cancelled with effect from the date on which the exemption takes effect or, as in case may be, the goods are destroyed as aforesaid, and thereupon -(a)no further premium shall be payable under the policy; and(b)out of the amount of the premium collected immediately before the cancellation of the policy in respect of the quarter in which the policy is cancelled, a refund shall be made in the proportion which the number of complete months for which the policy is cancelled bears to three.
