Maritime Law :: essays research papers

Maritime LawThe measure out of many shipments depends upon fluctuations in the currency rates,freight, handling charges, and other expenses. By nub of insurance rampartwill be provided to goods from any uncontrollable variables. A gouge ofMarine amends is defined by section 7 of the Marine Insurance Act of 1909 as"A contract whereby the insurance company undertakes to indemnify the assured, in mannerand to the extent thereby agreed, against ocean losses, that is to say, thelosses incident to marine adventure." The purpose of marine insurance is toprovide protection against financial loss for an amount, which is as close aspossible to the material loss recognized. Marine insurance is a contract by which unity ships company for a specified consideration promises to pay another party a sum ofmoney on the loss of goods that are opened to marine transport. Thereforemarine insurance is a contract of indemnity, which is a contract ofreimbursement, and the amount redeemab le is measured by the extent of theassureds or the checks financial loss. The terms and conditions of thecontract entered into with the insurer determine the amount of reimbursementthat is to be received by the insured.     A contract of marine insurance is body forth in a policy, which specifies"1- The name of the insured, or of some person who effects the insurance on hisbehalf.2- The subject matter insured and the risk insured against.3- The voyage, or period of time, or both, as the case may be, compass by theinsurance.4- The sum or sums insured.5- The names of the insurers."The promissor in an insurance contract is called the insurer or underwriter, theperson to whom the promise is made is the insured, assured or the policyholderand finally the contract is referred as the policy.In order to avoid these situations marine cargo insurance has different coveragefor different purposes.http//uniserve.edu.au/law/ pothouse/icl/marincon/MarineInsuranceand CargoCla.htmlhttp//ra.irv.uit.no/trade_law/documents/insurance/mia_1906/art/mia_1906.html01General Average Loss55 role 72(1) says that a general average loss is any loss or damagevoluntarily incurred for the general safety of the ship and cargo. For example,where goods are impel overboard in a storm for the purposes of saving a ship,and the easiness of the cargo. The Admiral Zmajevic (1983) 2 LLR 86.56 Section 72(3) says that the several persons interested in the ship,freight and cargo must contribute rateably to indemnify the person whose goods fox been sacrificed against all but his proportion of the general loss.1.Does your policy cover perils?2.Does it cover war risks and riots?Due to events like the Los Angeles 3.Does it cover?Nature of Marine Insurance