Has explained the two terms conditions and warranties in the following words the use of those two words is not entirely happy because it is well known, in the field of marine insurance law, that the word 'warranty' is often used when those who use it.
A liability marine insurance policy offers compensation for any liability caused due to your ship colliding or crashing, or any form of induced attacks.
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Conditions and warranties ar two significant types of contractual stipulations which basically make up rights and obligations.
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The term originated when parties began to ship goods via sea.
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Generates financial resources: indemnity generate funds away collecting premium.
How many vessels are covered by marine insurance?
Also the policy is a time based policy. In single vessel policy only one vessel is covered under marine insurance policy. In this policy, the owner has to pay the maximum protection amount at the time of buying the policy.
How is marine insurance based on utmost good faith?
The marine insurance is based on an important principle that is ‘Utmost Good Faith' which is the crown field in this law. It is the responsibility of the ship-owner or the cargo owner to an insurance contract makes statement of facts, expectations, belief to the insurer before or at the time of the contract being made.
What do you need to know about marine insurance?
The exporter, instead of bearing the sole responsibility of the goods, can buy an insurance policy and get maritime insurance coverage for the exported goods against any possible loss or damage. The carrier of the goods, be it the airline or the shipping company, may bear the cost of damages and losses to the goods while on board.
What does it mean to have marine cargo policy?
Marine cargo policy refers to the insurance of goods dispatched from the country of origin to the country of destination. Types of Marine Insurance policies
Last Update: Oct 2021
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