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Marine Insurance Law & Salvage, Collisions, Admiralty Jurisdiction & General Average - Essay Example

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Marine Insurance exists to indemnify interested parties against loss, damage, or expense occasioned accidentally in connection with vessels, cargoes and any type of goods carrier at the sea. …
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Marine Insurance Law & Salvage, Collisions, Admiralty Jurisdiction & General Average

Download file to see previous pages... Where both maritime and non- maritime obligations are involved, admiralty jurisdiction will generally be denied, unless the maritime part can be separated from the rest of the policy . The nature of Marine Insurance is described as ‘Uberrimae fidei’ which means utmost good faith. If any of the party involved in the contract observes no good faith, then the contract can be avoided. As defined in the Marine Insurance Act 1906, the clauses related to the disclosure of information by assured and disclosure by agent effecting insurance are as follows: Disclosure by Assured : 1) It is liable on the assured to disclose all the information and material circumstance before concluding the contract. The assured in returns need to know every circumstance which, in the ordinary course of business, ought to be known by him. If the assured fails to make such disclosure, the insurer may avoid the contract. 2) The premium is fixed by the insurer taking into consideration every material. 3) In the absence of inquiry the following circumstances need not be disclosed : a) In which there is a reduction of the risk involved. b) In which presumption to know general information is required. c) In circumstances in which information is given by the insurer; d) any circumstance which it is superfluous to disclose by reason of any express or implied warranty 4) For any circumstance, being material or not, which is not disclosed becomes a question of fact 5) The term circumstance here refers to any communication made to or received by the assured. ...Download file to see next pagesRead More
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