Marine Insurance Act : When premium payable. Indian Bare Acts :

Marine Insurance Act,1963

Act No : 11

Section : When premium payable.

54. When premium payable. Unless otherwise agreed, the duty of the assured or his agent to pay the premium, and the duty of the insurer to issue the policy to the assured or his agent, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of the premium. LOSS AND ABANDONMENT