This is a short summary of the paper
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Maritime Law
Start of Term Paper
The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insur .... Middle of Term Paper
... insurance is a contract of indemnity, which is a contract of
reimbursement, and the amount redeemable is measured by the extent of the
assured's or the insured's financial loss. The terms and conditions of the
contract entered into with the insurer determine the amount of reimbursement
that is to be received by the insured.
A contract of marine insurance is embodied in a policy, which specifies:
"1- The name of the insured, or of some person who effects the insurance on his
behalf.
2- The subject matter insured and the risk insured against.
3- The voyage, or period of time, or both, as the case may be, covered by the
insurance.
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| Number of Words: 840 |
Approximate Pages: 4 |
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