CHECK THESE SAMPLES OF The Marine Insurance
...Type of Assignment (e.g. test assignment) Due Marine Insurance Scenario Insurance policies and acts are important for businesses and contractors to cover losses and accidents that might effect the revenues and profits of the businesses. Marine Insurance enables an entity or a person to be indemnified in respect of any loss caused due to the damage to one’s ship or cargo etc, by an accident which is always a probable threat in sea voyages. In the given case, the loss is caused due to damage to two ships, a pier and 20,000 tonnes of cargo each belonging to different parties. The accident occurred when m/s Southern Traders moved forwards suddenly when it...
5 Pages(1250 words)Essay
...? Marine Insurance Law By s Due Marine Insurance law is developed through legislation andcases. The Marine Insurance Act, 1906 is the legislation that provides us with the basic framework on which the Marine Insurance law operates. Second primary source of this law is the case law formed by precedents. Precedents are the decisions for cases having specific circumstances and these decisions bind the judges to adjudge the future similar cases in the same manner. There are also some precedents that are not binding on the judges but can be used for guidance. A very important aspect of Marine...
9 Pages(2250 words)Essay
...? Uberrimae Fides in Marine Insurance What is the nature and scope of the duty of uberrimae fides in marine insurance? Is it necessary to have these measures? Critically analyze and discuss. Uberrima Fides and Marine Insurance Uberrima Fides is a Latin name by origin which is now frequently used in law documents, especially in insurance contracts. Its English translation is ‘Utmost Good Faith’1. The word was first used by the British Marines some centuries ago, however, in the recent times it is again gaining recognition and now the insurance companies dealing in marines...
6 Pages(1500 words)Essay
...? [MARINE LIABILITY INSURANCE AND LAW] a) Assessment of the Situation A collision of two ships, a roll-on roll-off ship, MV Puffin, and a general cargo ship, MV Othership, has occurred in the Singapore Straits, leading to injury of crew members of both ships. Cargo carried by both ships has also been partly damaged. Parts of both ships have also been damaged. MV Puffin’s oil tanks have not been damaged and there is no flooding. Therefore, it is proceeding to Singapore for repairs, and it will request tug assistance on arrival. On the other hand, oil is leaking from the bunker tank of MV Othership, but it is proceeding to Singapore under own power. The collision occurred at 0613 Hrs, local time, when...
12 Pages(3000 words)Essay
...Introduction Marine insurance falls under the category of property insurance and mainly covers any damage or loss of ships. It also covers the loss or damage of any cargo, terminals, and other property by which cargo is transferred, held or acquired between the points where they were picked to the destination point. Marine cargo insurance is a sub-branch of the marine insurance that takes care of the cargo regardless of whether the cargo belongs to the carrier or to a different party. If the corporation that owns the cargo is different from the carrier of the cargo, marine cargo insurance...
8 Pages(2000 words)Case Study
...Duty of Disclosure Introduction: Marine insurance covers the risks involved in transit over the sea and the insurer agrees to indemnify the party insured in a manner prescribed within a contract against losses to ships and property that may occur out at sea due to fire, shipwreck or natural calamities, but excludes the losses that are recoverable from the carrier1. Marine insurance is the oldest kind of insurance and is based upon the principles of common law that allow the parties a great deal of freedom in contracting among themselves. In the year 1906, the standardization of insurance policy coupled...
16 Pages(4000 words)Essay
...Marine Finance and Insurance At present times, doing business has become more complex than before with the advent of globalization and the internet. The world has become one huge marketplace where businesses established in different countries all compete in the same fight. Companies in almost all industries have ended up having transactions with parties located beyond the borders of their respective countries. The marine industry is among those affected by these trends. The companies therein presently source their equipment and tools from offshore suppliers that offer better quality or more competitive prices. Similarly, they also have come to cater to companies from other countries...
6 Pages(1500 words)Essay
..., (2) discounted payback (3) net present value (NPV), (4) internal rate of return (IRR), and (5) profitability index (PI). The use of these techniques in any industry, including the marine industry, helps weigh down opportunities against calculated future risks. Among the techniques used, only the simple payback method is positive, but the cost of money and the time value of money were not considered in the computation. The discounted payback method showed that investment cost will not be fully recovered during the useful life of the project. The NPV is negative which means the project should be rejected. Likewise, the project’s IRR does not exceed the cost of capital, it should be rejected. And, the PI also suggested...
6 Pages(1500 words)Essay
...Marine Insurance The report principally looks at the Marine Insurance Act (MIA) 1906 and its policies such as, floating policy and marine open cover policy. The discussion entails the various aspects of section 29 of MIA and various advantageous factors of marine open cover policy. Moreover, the discussion within this paper also comprises required particulars during the contracts of the policy in terms of export and import transaction of a manufacturing organization of electrical appliances. In addition, the paper has also defined various impacts of MIA from the perspective of trading through the seas. The varied factors of floating...
6 Pages(1500 words)Essay
...Constructive Total Loss Introduction The Marine Insurance Act 1906 offers a detailed ification of total losses but gives little information concerning the relationship with other definitions such as piracy. This is because of the development of new waves of crimes and losses as the world remains dynamic considering the changes in information and communication technology. Identifying the complexity in evaluating whether seizure of case cargo, an important component of insurance by criminals involved in piracy and demanding ransom before release results in a genuine and legal claim for a total loss appeared in two cases. The first was in the United Kingdom Court of Appeal in two thousand and eleven namely; EWCA Civ 24 and the second... was the...
6 Pages(1500 words)Essay
