A contract of Marine Insurance shall not be submitted in evidence unless it is embodied in a Marine Policy accordance with Marine Insurance Act. The policy may be executed and issued either at the time when the contract is concluded or afterwards. Dictionary Meaning of " POLICY " : A set of ideas or a plan of what to do in particular situations that has been agreed to officially by a group of people, a business organization, a government, or a political party. Before proceeding further, please go through an example below:A Marine Policy must specify the following:Name of the … [Read more...]
Marine Insurance – Purpose, Principle, Warranties and General Average
Purpose of Marine Insurance Marine Insurance is an agreement whereby the insurer indemnified the assured in manner and extent provided, against losses incidental to marine adventure.Spreading of Risk - If a loss occurs, the insured will be put back into the same financial position as just before the loss. The insured must not profit from the loss. Aid to Security - This removes the uncertainty of a potential financial loss. Individuals and businesses are freer to expand without the need to set aside for reserves for the future. Aid to Credit - Loans are not advanced unless the … [Read more...]