Enter Topic
Maritime Law
Part one of term paper
The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
"A contract whereby the insurer ...
Part two of term paper
... is a contract by which
one party for a specified consideration promises to pay another party a sum of
money on the loss of goods that are subject to marine transport. Therefore
marine insurance is a contract of indemnity, which is a contract of
reimbursement, and the amount redeemable is measured by the extent of the
assured's or the insured's financial loss. The terms and conditions of the
contract entered into with the insurer determine the amount of reimbursement
that is to be received by t ...
Word count: 840 | Approximate pages: 4
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