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Sample Assignment on Marine Insurance

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Added on  2021-02-19

Sample Assignment on Marine Insurance

   Added on 2021-02-19

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Marine Insurance
Sample Assignment on Marine Insurance_1
Sample Assignment on Marine Insurance_2
INTRODUCTIONMarine insurance generally covers entire loss or damages of cargo, hull, ships and othertransports that are used for transferring the properties from one place to final destination(Thomas, 2015). Hereby, when goods are transported by courier, shipping insurance is used. Thepresent report is based on a case study, where a 'solid' vessel was insured for a year, under somespecified terms of insurance. After stroking with a rock, some parts of it has been damaged butduring investigation of claim, insurer has denied liabilities for the same. Therefore, the reasonsand rightness for doing so is going to critically assessed under this project. MAIN BODYThe word insurance refers to a process that gives 'protection against future loss. It varieswith type of objects like life insurance, general insurance and more. Marine insurance comesunder the category of general insurance that aid ship owners, transporters and other associatedones, to get claim for damages (Boat Insurance Claim Problems That You Should BeAware of, 2019).Transporter are having many options for selecting most efficient way throughvarious plans and polices . It indicates that marine insurance covering not only cargo but also theother transports as well, such as hull, vessel and more (Merkin and et. al., 2014). In the presentcase, in order to assess reasons for fair claim or denied for giving the same, some basic principlesthat can be applied under marine insurance include – Principles of Utmost Good Faith; InsurableInterest; Indemnity; Cause Proxima; Loss Minimisation. Before to apply, any principle toprovide justification behind why claims for insurance for a vessel is denied, the case study andissues is explained below – Identification of issueThe vessel “Solid” has been insured on 1st day of September under the one-year policyand incorporated with International Hull Clauses 2003 (Lurvink, 2019). This clause is mainlyapply in London on marine policies issues where as per the insuring clause 2, insurers are onlyliable to pay for any claim if certain loss or damage has not resulted from want of due diligenceby owners or policyholders (Akhtar, 2018). It also covers the three-forth collision liability, whichis subjected for a maximum recovery i.e. near about 25 percent of insured value of vessel. Withrespect to present vessel 'Solid', it has stroked with rock and suffered a huge during the period of1
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