I. All policies shall be signed and sealed by three or more trustees, or acting members: by which policies may be insured houses, and other buildings, houshold furniture, goods, wares, merchandize, and utensils and implements in trade, being the property of the persons insuring; except all manner of writings, books of accompts, bills, bonds, tallies, ready money, jewels, pictures, and gunpowder.
II. Houses, buildings, and goods in trust, and merchandize on commission, (except as aforesaid) may be insured, provided the same are declared in the policy to be in trust or on commission, but not otherwise.
III. On bespeaking policies, all persons are to deposite 7s. 6d. for the policy, stamp-duty and mark; and shall pay the premium to the next quarter-day, and from thence for one year more at least, and shall, as long as the managers agree to accept the same, make all future payments annually at the said office, within fifteen days after the day limited by their respective policies, upon forfeiture of the benefit thereof; and no insurance is to take place till the premium be actually paid by the insured, his, her or their agent or agents.
IV. The several heads of insurance are, 1. Common insurances, which are buildings covered with slate, tile, or lead, and built on all sides with brick, or stone; where no hazardous trades are carried on, or hazardous goods and merchandize deposited. On such houses and goods, any sum not exceeding 200l. is insured for 4s. per annum; any sum from 200l. to 1000l. for 2s. per cent. per annum; and any sum from 1000l. to 3000l. at 2s. 6d. per cent. per annum.
2. Hazardous insurances are either timber or plaster buildings, containing goods and merchandize not hazardous; and in which no hazardous trades are carried on: or brick or stone buildings wherein hazardous goods are deposited or hazardous trades carried on. These hazardous trades and goods are apothecaries, chemists, bread and biscuit bakers, colourmen, ship and tallow chandlers, stable-keepers, innholders, malthouses, hemp, flax, tallow, pitch, tar, and turpentine. On such houses and goods this office insures any sum not exceeding 200l. at 6s. per annum: any sum from 200l. to 1000l. at 3s. per cent. per annum; any sum from 1000l. to 2000l. at 4s. per cent. per annum; and any sum from 2000l. to 3000l. at 5s. per cent. per annum.
3. Double hazardous insurances are thatch’d buildings, and goods and merchandize therein; timber or plaster buildings, wherein hazardous goods are deposited, or hazardous trades carried on; and also plate, china, glass, or earthen wares, hay, straw, all manner of fodder, and corn unthrash’d. Such houses and goods are insured upon the following terms, any sum not exceeding 200l. at 10s. per annum; any sum from 200l. to 1000l. at 5s. per cent. per annum; and any sum from 1000l. to 2000l. at 7s. 6d. per cent. per annum.
V. Any number of houses, out-houses, with goods or wearing apparel therein may be insured in one policy, provided the sum insured on each is particularly mentioned; but in all insurances the premium is to be paid for even hundred pounds.
If insurances are desired for mills, or for any larger sums than are specified in the above articles; or for any other insurances more hazardous than those already described, as sugarbakers, distillers, or the like; or by reason of the nature of the trade or goods, the narrowness of the place, or other dangerous circumstances, it may be done by special agreement.
VI. To prevent frauds, persons insured by this office shall receive no benefit from their policies, if the same houses or goods are insured in any other office, unless such insurance be first specify’d and allow’d by an indorsement on the back of the policy, in which case this office will pay their ratable proportion on any loss or damage; and if any person or persons shall insure his, her, or their houses, goods, wares or merchandize, and shall cause the same to be described in the policy otherwise than as they really are, so as the same be insured at a lower premium than proposed in the table, such insurance shall be of no force nor the person insuring receive any benefit by such policy, in case of any loss or damage.
VII. No loss or damage to be paid on fire happening by any invasion, foreign enemy, civil commotion, or any military or usurped power whatsoever.