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Marine Insurance MBA
Marine Insurance MBA
Marine adventure
There is a marine adventure when:any ship, goods or moveable property (insurable property), earning etc is exposed to maritime peril.
Maritime peril
Maritime peril- means the perils consequent on or incidental to, the navigation of the sea. e.g., Fire, war perils, pirates, captures, seizers etc.
Insurable Interest
A person has insurable interest if he is interested in a marine adventure in consequence of which he may benefit by the safe arrival of the insurable property or be prejudiced by its loss, damage or detention.
Insurable values:It is the amount of valuation of an insurable interest for the purpose of insurance. Discloser:A contract of marine insurance is a contract of uberimae fidci which is based on at most good faith.
5)
6) 7) a) b)
Voyage policy Time policy Mixed policy Valued policy Open or unvalued policy Floating policy Wagering policy no interest void warranties in a contract of M.I:Express Warranties Implied Warranties
Voyage
The voyage to be performed by the ship must be described in the policy. The ship must follow the course specified in the policy. If the ship deviates of the voyage the insurer is discharged unless the deviation is excuses If there is change of voyage , the insurer is discharged.
Losses:Total Loss a) Actual total loss b) constructive total loss c) partial loss Rights of Insurer on payment 1) Right of subrogation 2)Right of contribution