THE MARINE INSURANCE ACT, ______. ARRANGEMENT OF SECTIONS. ______. SECTIONS. 1. Short title and commencement. 2. Definitions. Full text containing the act, Marine Insurance Act, , with all the sections, schedules, short title, enactment date, and footnotes. The various provinces also have insurance statutes of general application which purport to apply to marine insurance. The B.C. statute is the Insurance Act.
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The modern origins of marine insurance law in English law were in the law . Marine Insurance Act in India and guided by the various. 41). Document Generated: Changes to legislation: There are currently no known outstanding effects for the Marine Insurance Act (See end of. Act Info: Preamble1 - MARINE INSURANCE ACT, Section1 - Short title and commencement. Section2 - Definitions. Section3 - Marine insurance defined.
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Section 28 of the marine Insurance act deals with the subject matter and the same shall be considered with utmost care and caution. As per section 28 sub clause 2 the nature and extent of subject matter not be specified in policy, where policy specifies subject matter in general terms it shall apply to the interest intended by the assured. Under the Act there shall be three types of policy valued policy, unvalued policy and floating ship policy under sections 29, 30 and 31 apart from this there shall be time policy, voyage policy and mixed policy.
Marine Insurance is based on few principles which are also its essentials these are principle of utmost good faith; principle of insurable interest; principle of indemnity and principle of subrogation. Here utmost good faith shall mean that the insured relies absolutely on the insurer, a contract of marine insurance is nothing different from any other form of contract as laid down in General Assurance Society v. Incase either insured or insurer commits fraud the other party can avoid such contract.
It shall be prima facie duty of both the parties to act in utmost good faith and disclose every material circumstance known as per section 20 and Insurable interest here would mean, at the time of insurance the insurer should have interest in subject matter. Pre-nuptial Agreement in India sounds like an alien concept.
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What is Marine Insurance?
A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses the losses incidental to marine adventure.
What is Lawful Marine Adventure?
Every lawful marine adventure may be the subject of a contract of marine insurance. What is a Contract of Marine Insurance?
A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses the losses incident to marine adventure. What are the elements of a Contract of Marine Insurance? Its basic elements include those what are the essentials of every contract-: Proposal- The insurance applicant at the time of approaching the company prepares a slip accompanied by other documents which is considered the proposal.In recent trends, it is acting as the tool facilitating trade and commerce by providing risk-sharing, generating employment, encouraging business betterment through innovation by taking more risk associated activities, which in turn direct to economic betterment.
The meaning of these terms is reversed in insurance law. Again, this risk is covered by standard policies.
Section 25 of the Act provides certain minimal requirements of the Act which shall include the name of assured, subject matter, risk insured, voyage- its time or period, sum insured, names of the insured. The typical liabilities arise in respect of collision with another ship, known as "running down" collision with a fixed object is a "allision" , and wreck removal a wreck may serve to block a harbour, for example.
In order for General Average to be properly declared, 1 there must be an event which is beyond the shipowners control, which imperils the entire adventure; 2 there must be a voluntary sacrifice, 3 there must be something saved.
Freight Insurance Freight insurance provides protection to policyholder against freight money loss, which is caused due to unavoidable peril. Average — is the situation where an insured has under-insured, i.
Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted.