Marine Insurance Claims, Insurance policies, legal contract
Insurance policies offer protection against loss that an insured party would experience in the event the insured risk strikes. Consequently, insurance facilitates a bearable atmosphere for one to expand ventures into opportunities of high-risk nature. However, as the level of investment has increased, so has the need for specialized insurance, thus bringing along defined insurance regulations. The legal provisions on marine insurance developed from ancient forms of cargo protection policies, upon which regulatory authorities gradually annex additions to it.
Contemporary marine insurance entails a legal contract where the insuring party undertakes responsibility to indemnify the insured party to the extent and in manner as agreed, against losses ensuing from marine adventure (Dunt, 2013, p.9). Marine insurance has over the years developed to its present form where it shields the assured against losses consequent on and incidental to maritime perils.
[...] v Switzerland General Insurance. Specifically, where the marine policy is warranted against particular average loss, the insurer stands liable to compensate salvage charges and additional expenses incurred in regards to suing and laboring to arrest losses resulting from the occurrence of insured risk. This implies that though marine policies warranted as free from particular average bars assured from claiming particular average losses, this barely prohibits the assured from recovering other expenses from the insurer. Clause 12 of ICC and C directs the insurers to reimburse additional charges incurred by the assured in an effort to forward the subject matter to destination covered in the policy. [...]
[...] Similarly, the Marine Insurance Act recognizes marine losses as incidental to marine adventure. For instance, the Act finds marine adventure where the earnings and acquisitions attributed to the freight including commissions, loans and disbursements endangered upon the exposure of the insured property to sea perils. Marine adventure exists when the party interested in the insurable property may incur liability to third parties by the occurrence of maritime perils (Soyer p.233). This position is consistent with the decision arrived at in the Mercantile Mutual Insurance case, where the liability emerging from the boating accident was considered a marine policy within the provisions of the Act (Dunt p. [...]
[...] New Delhi : Excel Books. Hinkelman, E.G. & Putzi-Ortiz Dictionary of International Trade. 8th ed. Tribun: World Trade Press. Hodges, S Cases & Materials on Marine Insurance Law. London: Routledge. Hodges, S Law of Marine Insurance. London: Routledge. Hudson, G.N., Madge, T. & Sturges, K Marine Insurance Clauses. [...]
[...] White, M.W.D Australian Maritime Law. 2nd ed. Annandale: NSW Federation Press. Zhu, L Compulsory Insurance and Compensation for Bunker Oil Pollution Damage. 1st ed. New York: Springer. [...]
[...] Marine insurance has over the years developed to its present form where it shields the assured against losses consequent on and incidental to maritime perils. Marine Insurance Marine insurance places a shield that protects the insured party against potential loss when the insurable property experience exposures to sea perils. Marine insurance offers specialized cover against loss and damages suffered by vessels, cargo and defined liabilities with potential to devolve to assured (Hinkelman & Putzi-Ortiz p.116). The application of the marine insurance law considers perils of the sea to include accidents, war, pirates, seizures, accidents, and jettison; that would result in loss of insurable property. [...]
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