OBASEKI, J.S.C. (Presiding and Delivering the Leading Judgment): This appeal deals with a claim brought under a marine insurance contract between the appellant and the respondent and raises the important question of what constitutes a 'Policy' of marine insurance within the terms of the Marine Insurance Act, 1961.
The respondent in pursuance of its desire to contribute its quota to the 'Feed the Nation Campaign' or campaign again hunger in 1977 ordered 86,612 new double jute bags of rice from Bangkok in the Far East. The consignment which had an insured value of ₦1,231,459.00 was loaded onto the vessel "Eastern Saturn" for transportation by sea from Bangkok to Port Harcourt and or Lagos on the 30th day of December, 1977 (see Exhibit L7) and the ship set sail on the 3rd day of January, 1978 (see Exhibits 'L', 'L1' and 'L2'). This information was conveyed to the respondent by Exhibit L and Exhibit VVI Bill Note dated 26/1/78. By Exhibit 52, Exhibit VVI the respondent was advised by the …