CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1709Introduced by Assembly Member CalderonFebruary 17, 2023 An act to amend Section 1992 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 1709, as introduced, Calderon. Marine insurance.Existing law generally regulates classes of insurance, including marine insurance. Under existing law, in estimating a loss under an open policy of marine insurance, specified rules are to be observed.This bill would make technical, nonsubstantive changes to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 1992 of the Insurance Code is amended to read:1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1709Introduced by Assembly Member CalderonFebruary 17, 2023 An act to amend Section 1992 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 1709, as introduced, Calderon. Marine insurance.Existing law generally regulates classes of insurance, including marine insurance. Under existing law, in estimating a loss under an open policy of marine insurance, specified rules are to be observed.This bill would make technical, nonsubstantive changes to that provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 1709
Introduced by Assembly Member CalderonFebruary 17, 2023
Introduced by Assembly Member Calderon
February 17, 2023
An act to amend Section 1992 of the Insurance Code, relating to insurance.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1709, as introduced, Calderon. Marine insurance.
Existing law generally regulates classes of insurance, including marine insurance. Under existing law, in estimating a loss under an open policy of marine insurance, specified rules are to be observed.This bill would make technical, nonsubstantive changes to that provision.
Existing law generally regulates classes of insurance, including marine insurance. Under existing law, in estimating a loss under an open policy of marine insurance, specified rules are to be observed.
This bill would make technical, nonsubstantive changes to that provision.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 1992 of the Insurance Code is amended to read:1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 1992 of the Insurance Code is amended to read:1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
SECTION 1. Section 1992 of the Insurance Code is amended to read:
### SECTION 1.
1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:(1) Any losses incurred in raising money for its purchase.(2) Any drawback on its exportation.(3) The fluctuations of the market at the port of destination.(4) Expenses incurred on the way or on arrival.(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.(d) The cost of insurance is in each case to be added to the value thus estimated.
1992. In estimating a loss under an open policy of marine insurance, the following rules are to be observed:
(a) The value of a ship is its value at the beginning of the risk, including all articles or charges which that add to its permanent value or which that are necessary to prepare it for the voyage insured.
(b) The value of cargo is either its actual cost to the insured, when laden on board, or, where that cost can not be ascertained, its market value at the time and place of lading, adding the charges incurred in purchasing and placing it on board, but without reference to:
(1) Any losses incurred in raising money for its purchase.
(2) Any drawback on its exportation.
(3) The fluctuations of the market at the port of destination.
(4) Expenses incurred on the way or on arrival.
(c) The value of freightage is the gross freightage, exclusive of primage, without reference to the cost of earning it.
(d) The cost of insurance is in each case to be added to the value thus estimated.