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Impacts of Economic Globalization - Assignment Example

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In this paper “Impacts of Economic Globalization” the author is going to compare and contrast the impacts of economic globalization to the marine insurer but specifically the Marine Hull insurer with Toyota, an automobile organization. Economic globalization is the joining together of the economies…
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Impacts of Economic Globalization
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Download file to see previous pages Economic globalization mainly emphasizes on multiple networks of productive activities and marketing as well as economic developments through extensive use of science and technology (Economic Globalization 2015, p.279). 
Marine insurance is an agreement in which the insurer assumes to cover the insured, in a way as well as to the extent agreed upon, against transit losses (UNCTAD 1982, p.7). In relation to this definition, Marine Hull insurance is concerned with almost everything that floats and moves, ranging from rowing boats to vast ocean-going tankers. In addition to these, hull insures non-propelled objects that move occasionally like floating docks, buoys and floating hotels (Din, Mughal & Farooq 2013, p.660). A fundamental principle of Marine Hull insurance is that, in order to give insurance coverage, there opt to be an equitable relationship between the beneficiary of the insurance and the insured material or property (Anchorage Marine Underwriting 2008, p.3). In other words, the business is guided by a policy of marine in which the insurer (underwriter) agrees to the specific terms of the agreement to indemnify the assured for the losses that may be incurred in relation to moving property such as a ship or other movables associated with maritime transport. In return for the contract, the assured accepts to pay a premium (the compensation for accepting and running the risk of the insured movables) whether or not the insured movables are lost (UNCTAD 1982, p.25).
Lloyd Marine Hull insurer is one of the commercial insurers. Commercial insurers carry out their business by accepting the premium beforehand and keeping it whether or not the insured properties are lost (JLT 2010, p.5). Marine insurers are owned by either government entities or private corporations. ...Download file to see next pagesRead More
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Impacts of Economic Globalization Assignment Example | Topics and Well Written Essays - 2250 words.
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Impacts of Economic Globalization Assignment Example | Topics and Well Written Essays - 2250 Words.
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