(1) Where 2 or more persons mutually agree to insure each other against marine losses there is said to be a mutual insurance.
(2) The foregoing provisions relating to the premium do not apply to mutual insurance, but a guarantee, or such other arrangement as may be agreed upon, may be substituted for the premium.
(3) The foregoing provisions, in so far as they may be modified by the agreement of the parties, may in the case of mutual insurance be modified by the terms of the policies issued by the association, or by the rules and regulations of the association.
(4) Subject to the exceptions mentioned in this article, the foregoing provisions apply to a mutual insurance.