Marine insurance

INTRODUCTION Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. We say "significant" because if the potential loss is small, then it doesn't make sense to pay a premium to protect against the loss. After

Introduction. The Marine Insurance Act 1906 (“MIA 1906”) sets out a duty of utmost good faith between contracting parties in insurance contracts. This duty is unusual in English contract law and imposes a heavy burden on the parties. As a result, it has been the subject of much academic debate, culminating in statutory reforms. This essay will analyse the duty in both its traditional and revised form, focusing on whether its merits outweigh its weaknesses and whether it should be retained. The

a policy, in this context, a Marine Policy, one is trying to protect against risks of the unknown, and definitely not signing up for a “All or Nothing” lottery game. However, two judgments in the English Courts for rules on proximate causation, particularly cases with a combination of perils to be considered, seemed to suggest the notion of “Do you feel lucky today?” thus raising doubts on the justice of the rules on proximate causation in the English marine insurance system. Hence, this paper aims

particular £600,000. Walpole decided that the two marine insurance companies,

importance to the insurance clauses which cover losses by piracy. In this regards, it is really necessary to research on the insurance clauses of piracy. In this report, the author will firstly describe the general background of piracy and then discuss the legal implication of the seizure by pirates of cargo insured under a policy providing coverage for loss by piracy. Definition of piracy Definitions of piracy are distinction between international law and maritime insurance. United Nations

knowledge does not fall within the scope of the constructive knowledge of the assured according to the words of section 18 MIA. Therefore, the question that emerges is whether in terms of fairness it is justified for the assured to be deprived of the insurance cover due to the placing broker 's failure to disclose an information to the insurer that only the agent to insure is aware of.1 It could be maintained that in the aforementioned scenario the "draconian remedy of

effect on marine life. “5.25 trillion plastic particles weighing some 269,000 tons are floating on the surface of the sea” (Seltenrich). In Seltenrich’s article, “The World Bank estimates that 1.4 billion tons of trash are generated globally each year, 10% of it plastic.” “Plastics that reach the ocean will gradually break down into ever-smaller pieces due to sunlight exposure, oxidation, and the physical action of waves, currents, and grazing by fish and birds.” (Seltenrich). A marine life that

What is ‘Insurable Interest in a Maritime Insurance Policy’ The term “insurable interest” refers to the benefit (or interest) a person has in an insured object (or person – as in a life insurance insurable interest). This benefit can refer to a financial benefit, among others. A person has insurable interest in a thing when he or she would experience some kind of loss (financial or otherwise) if the thing were to be damaged or lost. Say that you have piece of jewelry in your home that is also a

After calculating my monthly budget for when I start my career, I can see that life will be hard and I will be poor. If I cut down my spending for housing, food, auto, insurance, entertainment/recreation, savings, medical/dental expenses, investments and miscellaneous stuff by about 2-3% each, I can still have some money to spare. I can bring down my monthly expense from $2,479.17 to $2,335.54. That means that I will have

Accountability is important, because without it, there's no where to place the blame when mistakes occur. In fact, accountability covers more than just blameworthiness; responsibility, answerability, and liability also come into question when discussing the importance of accountability. The very application of the word, describes a system, in which actions, decisions, and policies are all accounted for (or: kept track of, recorded, and assessed and evaluated). Accountability can even extend into