A marine protection strategy is an agreement whereby the back up plan embraces to reimburse the protected, in way and to the degree consequently concurred, against the misfortunes accidental to marine enterprise. It is a contract of indemnity.In this insurance, insurance company promises to indemnify the loss incurred to insured commodity by any marine peril.When any article is in marine transit, it can be insured against any marine loss incidental to marine insurance.For getting the compensation of marine loss, insured undertakes to pay a certain sum of money as premium. The marine insurance took its start from Italy in the 12th century.The tradition or concept of marine insurance was common in England during 15th century.The first marine insurance act was passed in 1601.When Lord Mansfield was appointed as Chief Justice in 1756, he framed rules of marine insurance on the basis of his study and research.These rules are considered to be authentic even today.
The Following Factors Are Included In Marine Risks
1-The ship can dash into anything.
2-The ship can sink.
3-The ship can catch fire.
4-The ship can be filled with water.
5-Damage to ship due to any other reason.
Characteristics
1-The protected must have insurable enthusiasm for the property insured.In the occasion of misfortune, if the actualities are discovered something else, the agreement will be void at law.
2-An essential feature of the marine insurance contract is that every contract of insurance must disclose all the facts.If the principle of "Most extreme Good Faith" is not saw by the either party, the influenced gathering might sue and proclaim the agreement void.
3-The insurer shall promise the insured that the ship is in good condition and can face the ordinaryperils of the sea.
4-The safeguarded should likewise get a certification that the voyage of the boat is legal. The illegality of the venture makes the contract of insurance void.
5-The insurance company should also get a guarantee from the insured that the ship will not deviate from the prescribed route of the voyage unless faced by severe perils of the sea.
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