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MARINE INSURANCE-“REINSURANCE AND ITS TYPES”
WE ALL KNOW WHAT INSURANCE IS. MOST INDIVIDUAL OR COMPANIES TAKE INSURANCE FROM DIFFERENT INSURANCE COMPANY TO PROTECT THEMSELVES FROM ANY FINANCIAL LOSS THAT MAY OCCUR IF THE SUBJECT MATTER […]
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INSURANCE WARRANTY
WARRANTY WARRANTY IS A CONDITION WHICH MUST BE EXACTLY COMPLIED WITH, WHETHER IT BE MATERIAL TO THE RISK OR NOT. IF IT IS NOT SO COMPLIED WITH, THEN, SUBJECT TO […]
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P&I CLUB INSURANCE
IT IS A SHIPOWNERS INSURANCE COVER FOR LEGAL LIABILITIES TO THE THIRD PARTIES. THE LEGAL LIABILITIES ARE DECIEDED IN ACCORDANCE WITH THE LAWS OF THE COUNTRY WHERE AN ACCIDENT TAKES […]
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MARINE INSURANCE- “PRINCIPLE OF SUBROGATION” AND ITS TYPE:
FIRST OF ALL WE HAVE TO KNOW WHAT SUBROGATION MEANS, IT REFERS TO THE ROCESS BY WHICH THE INSURANCE COMPANY OF THE ASSURED COLLECTS MONEY FROM THE PARTY AT FAULT […]
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MARINE INSURANCE:-“PRINCIPLE OF CONTRIBUTION”
The Marine Insurance Act states that Principle Of Contribution is : (1) Where the assured is over-insured by double insurance, each insureris bound, as between himself and the other insurers, […]
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TYPES OF MARINE INSURANCE
HULL AND MACHINERY INSURANCE THIS COVERS THE SHIP ITSELF, MACHINERY AND EQUIPMENTS. LOSS OF TIME FOLLOWING THE DAMAGE TO THE SHIP IS COVERED UNDER LOSS OF HIRE INSURANCE. FURTHERMORE, THE […]
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MARINE INSURANCE AND ITS PRINCIPLES
According to the Marine Insurance Act: A contract of marine insurance is an agreement whereby the insurerundertakes to indemnify the assured, in the manner and to the extent thereby agreed, […]
