Maritime Law :: essays research papers

ocean LawThe value of m all venturements depends upon fluctuations in the currency rates,freight, handling charges, and otherwise expenses. By means of indemnity protectionwill be provided to goods from any uncontrollable variables. A conduct ofMarine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as"A contract whereby the insurer undertakes to pay off the assured, in mannerand to the extent thereby agreed, against nautical press releasees, 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 actual loss recognized. Marine insurance is a contract by whichone party for a specified consideration promises to repair another party a sum ofmoney on the loss of goods that are subject to marine transport. Thereforemarine insurance is a contract of indemnity, which is a contract ofreimbursement, and the amount redeemabl e is measured by the extent of theassureds or the controls financial loss. The terms and conditions of thecontract entered into with the insurer hold back the amount of reimbursementthat is to be received by the insured.     A contract of marine insurance is embodied in a policy, which specifies"1- The name of the insured, or of some(prenominal)(prenominal) 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 baptistry may be, covered 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 do is the insured, assured or the policyholderand finally the contract is referred as the policy.In hostelry to avoid these situations marine cargo insurance has diametric coveragefor different purposes.http//uniserve.edu.au/law/pub/icl /marincon/MarineInsuranceandCargoCla.htmlhttp//ra.irv.uit.no/trade_law/documents/insurance/mia_1906/art/mia_1906.html01General Average divergence55 Section 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 thrown overboard in a storm for the purposes of delivery a ship,and the rest 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 goodshave 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? spirit of Marine Insurance