Maritime Law

Maritime Law Maritime Law The value of legion(predicate) shipments depends upon fluctuations in the currency rates, freight, handling charges, and other expenses. By essence of insurance protection will be provided to goods from any rebellious variables. A contract of Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as: "A contract whereby the insurer undertakes to indemnify the assured, in personal manner and to the extent thereby agreed, against maritime losses, that is to say, the losses incident to oceanic adventure.

" The purpose of marine insurance is to provide protection against pecuniary loss for an amount, which is as close as possible to the real(a) loss recognized. Marine insurance is a contract by which one party for a specified consideration promises to represent 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 t...If you fate to get a full essay, order it on our website: Ordercustompaper.com

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