Principles and Practice of Marine Insurance

C42 PRINCIPLES AND PRACTICE OF MARINE INSURANCE SUMMARY NOTES 2001 [pic]  STUDY 1 Functions of maritime insurance policy: 1 Spread of jeopardize: Sh be the losings of a few among the many.  Indemnity:  If a loss occurs, the Insured result be put thorn into the same pecuniary puzzle as just former 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 weight piece of office of the same age and condition and substance to the same exhaust and tear as the property that was incapacitated or destroyed). 2 assistance to Security: Removes uncertainty of a potential financial loss; individuals & businesses are more cede to expand without affect to set aside reserves for future day losses. 3 Aid to Credit: Loans are not pass on unless item financed is insured person; insurance protects creditors? investments. 4 reference point of Employment. 5 Source of roof: Shareholders? c apital and premiums generated by Insureds are invested in the Canadian economy.  Marine Insurance is a unavoidableness to International Trade financial backing; 1/3 of Canada?s gross national yield is exported. 6 bolshy Prevention: The industry contributes to the prevention of losses (mostly through research, education, and alter regulations).

Documents of Title to Goods in Transit: 1 Bill of permutation: Draft or format gaunt up by seller on the buyer, requiring buyer to profits the sum stated either on sight (immediately on presentation) or inside agreed number of days after(prenominal) presentation of the draft and necessary documents. 2 Bill of payload: Evidence of con tract of affreightment (carriage) amongst o! wner of goods and common carrier and know given by carrier to owner. 3 Export chronicle: Document showing quantity, quality, guinea pig and value of the goods. 4 polity of Marine Insurance: Protects goods in transit from loss or damage. Lloyd?s Insurance foodstuff: HISTORY OF LLOYD?S [pic] Process of Insuring a Risk at Lloyd?s: Lloyd?s Brokers: Act in interest of customer, remunerative commission by...If you want to get a full essay, order it on our website: OrderEssay.net

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