Maritime Law :: essays research papers

Maritime LawThe value of many shipments depends upon fluctuations in the currency rates,freight, handling charges, and other expenses. By means of insurance protectionwill be provided to goods from any uncontrollable variables. A fix of maritime Insurance is defined by section 7 of the Marine Insurance Act of 1909 as"A contract whereby the insurer undertakes to indemnify the assured, in mannerand to the extent thereby agreed, against marine losses, that is to say, thelosses happening 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 pay another party a sum of funds 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 redeemable is mensurable by the extent of theassureds or the insureds 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 embodied 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 peril insured against.3- The voyage, or period of time, or both, as the case 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 made is the insured, assured or the policyholderand finally the contract is referred as the policy.In order to avoid these situations marine warhead insurance has different coveragefor different purposes.http//uniserve.edu.au/law/pub/icl/marincon/MarineInsuranceandCargoCla.htmlhttp//ra.irv.u it.no/trade_law/documents/insurance/mia_1906/art/mia_1906.html01General Average Loss55 Section 72(1) says that a oecumenic 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 saving 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 abide 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? nature of Marine Insurance