The marine insurance policy is issued only when the
contract has been finalized & it would be legal document of evidence of the
contract. The form of marine insurance policies has been taken from pretty old
times. There has been a slight change in the wordings of the policies. For
example, “Be it know that” is substituted for the words ` In the name of God,
Amen`.
Showing posts with label Marine insurance. Show all posts
Showing posts with label Marine insurance. Show all posts
Elements of Marine insurance contract
The marine insurance has the following essential
features which are also called fundamental principles of marine insurance.
(i) Features of general contract.
(ii) Insurable interest.
(iii) Utmost good faith.
Nature of marine insurance contract
Definition:
Marine insurance has been defined as a contract
between insurer & insured whereby the insurer undertakes to indemnify the
insured in a manner & to the interest thereby agreed, against marine losses
incident to marine adventure.
Section 2(13) A of the insurance Act 1938 defines
marine insurance as follows:
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