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    9 Elements of Marine Insurance Contract

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    Faheem
    The document outlines the 9 key elements of a marine insurance contract: 1. Features of a general contract 2. Insurable interest 3. Utmost good faith 4. Doctrine of indemnity 5. Subrogation 6. Warranties 7. Proximate cause 8. Assignment and nomination of the policy 9. Return of premium The marine insurance contract is negotiated between an insurer and insured, often through a broker, to indemnify losses from marine adventures.

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    9 Elements of Marine Insurance Contract

    Uploaded by

    Faheem
    352 views2 pages
    The document outlines the 9 key elements of a marine insurance contract: 1. Features of a general contract 2. Insurable interest 3. Utmost good faith 4. Doctrine of indemnity 5. Subrogation 6. Warranties 7. Proximate cause 8. Assignment and nomination of the policy 9. Return of premium The marine insurance contract is negotiated between an insurer and insured, often through a broker, to indemnify losses from marine adventures.

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    9 Elements of Marine Insurance

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    The document outlines the 9 key elements of a marine insurance contract: 1. Features of a general contract 2. Insurable interest 3. Utmost good faith 4. Doctrine of indemnity 5. Subrogation 6. Warranties 7. Proximate cause 8. Assignment and nomination of the policy 9. Return of premium The marine insurance contract is negotiated between an insurer and insured, often through a broker, to indemnify losses from marine adventures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    352 views2 pages

    9 Elements of Marine Insurance Contract

    Uploaded by

    Faheem
    The document outlines the 9 key elements of a marine insurance contract: 1. Features of a general contract 2. Insurable interest 3. Utmost good faith 4. Doctrine of indemnity 5. Subrogation 6. Warranties 7. Proximate cause 8. Assignment and nomination of the policy 9. Return of premium The marine insurance contract is negotiated between an insurer and insured, often through a broker, to indemnify losses from marine adventures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    9 Elements of Marine insurance Contract

    Marine insurance has been defined as a


    contract between the insurer and insured whereby the insurer undertakes to indemnify
    the insured in a manner and to the interest thereby agreed, against marine losses
    incident to marine adventure.
    Hull insurance, Cargo Insurance, Freights Insurance and Liability Insurance are the
    subject matter of Marine Insurance.
    Elements of Marine Insurance Contract
    The marine insurance has the following essential features which are also called
    fundamental principles of marine insurance;

    1. Features of General Contract,


    2. Insurable Interest,
    3. Utmost Good Faith,
    4. The doctrine of Indemnity,
    5. Subrogation,
    6. Warranties,
    7. Proximate cause,
    8. Assignment and nomination of the policy, and
    9. Return of premium.

    The proposer may approach the insurer directly or through an agent or broker.
    Generally, the proposal is made through brokers because they are well known of the
    insurance practices. The broker prepares a slip where material information is
    recorded.
    This slip is presented to the insurer who will signify his acceptance by initialing the
    slip and indicating the sum they are prepared to- accept. The risk may commence
    from the date of acceptance or from at any other date which is mutually agreed.
    Read more: 19 Types of Marine Insurance Policies
    Sometimes, the insurer asks additional information from the broker.
    When the additional information called closing slip has been accepted by the insurer
    he may issue a policy.
    Before issuing the policy, the open cover is issued to the insured, which becomes
    inoperative as soon as the policy is issued. The document containing the term of the
    contract is called policy.
    Read more: Elements of Insurance Contract
    The assured cannot legally make any claim over the underwriter if the loss occurs
    before a final policy is issued. The ‘open cover’ or ‘slip’ is not legally binding on the
    insurers.
    In practice, however, the insurer pays the number of claims even before the issue of
    policies. Insurers in marine insurance generally called ‘underwriters’.

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