Marine insurance:declaration policies

In declaration policies the assured is allowed to declare particular risks to the insurers under a framework agreement whereby cover is in place at a specified earlier date and declarations inform the insurers of the risks that have been allocated to the contract. Most declaration policies are in obligatory form, so that as soon as the assured obtains subject matter within the terms of the policy, there is coverage.

In JDA Co Ltd and Others v AIG Insurance New Zealand Ltd and Others [2022] NZCA 532 the New Zealand Court of Appeal has upheld the High Court's analysis of the trigger for cover and the consequences of subsequent failure to declare the insured subject matter.