Marine insurance

Type :

Theses

Pages :

33 pages

Format :

.doc

Published date :

04/07/2009

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Summary :

 
 

Table of Contents Marine insurance Table of Contents

 
  1. Introduction
  2. Brief history of insurance
    1. What is marine insurance?
    2. Scope of marine insurance
  3. Subject matter of marine insurance
  4. Risks covered/insured in marine insurance
  5. Types of marine insurance
  6. Functions of insurance
  7. Similarities between marine and fire insurance
  8. Differences between marine and fire insurance
  9. Classifications of marine policies
  10. Conclusion
  11. Bibliography

Abstract

The beginning of the insurance business is traced to the city of London. It started with the marine business. marine traders, who used to gather at Lloyd's coffee house in London, agreed to share losses to goods during transportation by ship. The first insurance policy was issued in England in 1583.The law relating to marine insurance is found in the marine insurance Act, 1963. A contract of marine insurance is an agreement whereby the insurers undertakes to indemnify the insured, in the manner and to the extent thereby agreed upon, against marine losses, that is to say, the losses incidental to marine adventure.

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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