What is a contract of marine insurance? Anyone please explain the term 'insurable interest' in this regard? -Penelopecruz77
Total Comments: 3
Posted: Tue Mar 25, 2008 09:28 am Post Subject: definition
Let us first go back to the definition of Marine Insurance.
Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.
Thus we see that it protects the goods from the risks that come out of cargo transition through sea, land or air. Thus it caters to the processes of transition & communication. It could be applicable for both inland & mid-ocean transition. Regards,
MultichannelP7
Posted: Tue Mar 25, 2008 09:40 am Post Subject:
hi friends, this contract is nothing but a promise from the part of the insurer to indemnify the insured. This promise is guided by the clauses set within the contract. Such an indemnification would be set from losses arising out of any marine adventure & against those resulting out of any land or air mishap & mentioned in the contract eg. losses in connection with constructing, re-building or introducing a ship.
IsabellKloma
Posted: Tue Mar 25, 2008 10:05 am Post Subject:
hi..
As per the contract of marine insurance, every person who enjoys a marine adventure possesses 'insurable interest'. Such an interest is in connection with the material-insured during the outbreak of the loss & not carry it when the contract is over.
An equitable connection between the insured & the maritime adventure or a relation with a property that might get harmed during such an adventure are all that gives birth to an "insurable interest".
An insurable interest could be both defeasible & uncertain in nature!
Posted: Tue Mar 25, 2008 09:28 am Post Subject: definition
Let us first go back to the definition of Marine Insurance.
Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.
Thus we see that it protects the goods from the risks that come out of cargo transition through sea, land or air. Thus it caters to the processes of transition & communication. It could be applicable for both inland & mid-ocean transition. Regards,
MultichannelP7
Posted: Tue Mar 25, 2008 09:40 am Post Subject:
hi friends, this contract is nothing but a promise from the part of the insurer to indemnify the insured. This promise is guided by the clauses set within the contract. Such an indemnification would be set from losses arising out of any marine adventure & against those resulting out of any land or air mishap & mentioned in the contract eg. losses in connection with constructing, re-building or introducing a ship.
IsabellKloma
Posted: Tue Mar 25, 2008 10:05 am Post Subject:
hi..
As per the contract of marine insurance, every person who enjoys a marine adventure possesses 'insurable interest'. Such an interest is in connection with the material-insured during the outbreak of the loss & not carry it when the contract is over.
An equitable connection between the insured & the maritime adventure or a relation with a property that might get harmed during such an adventure are all that gives birth to an "insurable interest".
An insurable interest could be both defeasible & uncertain in nature!
Plasticmind
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