Marine insurance
Summary :
Table of Contents
- Introduction
- Brief history of insurance
- What is marine insurance?
- Scope of marine insurance
- Subject matter of marine insurance
- Risks covered/insured in marine insurance
- Types of marine insurance
- Functions of insurance
- Similarities between marine and fire insurance
- Differences between marine and fire insurance
- Classifications of marine policies
- Conclusion
- Bibliography
Abstract
Arnold defines marine insurance as "A contract whereby one party for an agreed consideration, undertakes to indemnify the other against loss arising from certain perils and sea risks to which a shipment merchandised and other interests in a maritime adventure may be exposed during a certain voyage or certain period of time."
Under the marine insurance policies, the insurer undertakes to indemnify against different subject-matter of insurance. The subject matter of marine insurance is the insurable property against which the risks can be covered. The risks against cargo, vessel, freight and liability to a third party can be insured.
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