P.R. Laws tit. 10, § 1551
2019-02-20 00:00:00+00
An agent who is intrusted with the shipment of merchandise, and who has received orders to insure the same, shall be liable, should he not do so, for the damage said merchandise may suffer, provided the funds necessary for the payment of the premium have been furnished, or provided he has obligated himself to advance them and should not have immediately advised the principal of his inability to do so.
If during the risk the underwriter is a declared bankrupt it shall be the duty of the agent to renew the insurance, unless the principal has given him orders to the contrary.
History —Commerce Code, 1932, § 192.