Principles and Practice of Marine Insurance

C42 PRINCIPLES AND PRACTICE OF MARINE INSURANCE
SUMMARY NOTES
2001
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 STUDY 1
Functions of maritime insurance policy:
1 Spread of Risk: Share the losings of a few among the many.  Indemnity:  If a loss occurs, the Insured result be put back into the same pecuniary puzzle as just prior to the loss.  The Insured must non profit from the loss.  Most policies are on an actual gold value (ACV) basis (the value of an equivalent piece of office of the same age and condition and subject to the same exhaust and tear as the property that was lost or destroyed).
2 assistance to Security: Removes uncertainty of a potential financial loss; individuals & businesses are more free to expand without affect to set aside reserves for future losses.
3 Aid to Credit: Loans are not advanced unless item financed is insured person; insurance protects creditors? investments.
4 Source of Employment.
5 Source of roof: Shareholders? capital and premiums generated by Insureds are invested in the Canadian economy.  Marine Insurance is a necessity to International Trade financial backing; 1/3 of Canada?s gross national yield is exported.
6 Loss Prevention: The industry contributes to the prevention of losses (mostly through research, education, and improved regulations).




Documents of Title to Goods in Transit:
1 Bill of Exchange: Draft or order gaunt up by seller on the buyer, requiring buyer to profits the sum stated either on sight (immediately on presentation) or within agreed number of days after(prenominal) presentation of the draft and necessary documents.
2 Bill of payload: Evidence of contract of affreightment (carriage) between owner of goods and carrier and know given by carrier to owner.
3 Export chronicle: Document showing quantity, quality, type and value of the goods.
4 polity of Marine Insurance: Protects goods in transit from loss or damage.
Lloyd?s Insurance Market:
HISTORY OF LLOYD?S
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Process of Insuring a Risk at Lloyd?s:
Lloyd?s Brokers: Act in interest of customer, paid commission by...If you want to get a full essay, order it on our website: Orderessay



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