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 seek: Sh atomic number 18 the losings of a few among the many.  Indemnity:  If a loss occurs, the Insured result be put spur into the same pecuniary puzzle as just forward 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 sheath to the same exhaust and tear as the property that was muzzy or destroyed). 2 assistance to Security: Removes uncertainty of a potential financial loss; individuals & businesses are more let off to expand without affect to set aside reserves for prospective losses. 3 Aid to Credit: Loans are not ripe unless item financed is insured person; insurance protects creditors? investments. 4 seeded player of Employment. 5 Source of roof: Shareholders? capit al and premiums generated by Insureds are invested in the Canadian economy.  Marine Insurance is a extremity to International Trade financial backing; 1/3 of Canada?s gross national yield is exported. 6 spill Prevention: The industry contributes to the prevention of losses (mostly through research, education, and change regulations).

Documents of Title to Goods in Transit: 1 Bill of transpose: Draft or influence gaunt up by seller on the buyer, requiring buyer to profits the sum tell either on sight (immediately on presentation) or deep down agreed number of days after(prenominal) presentation of the draft and infallible documents. 2 Bill of payload: Evidence of contract of affreightment (carriage) amid owner of g! oods and pallbearer and know given by carrier to owner. 3 Export chronicle: Document showing quantity, quality, slip and value of the goods. 4 polity of Marine Insurance: Protects goods in transit from loss or damage. Lloyd?s Insurance grocery store: 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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