This includes the insurance of the hull and machinery of deep-sea vessels and other vessels, such as inland shipping vessels, tankers, fishing vessels and sailboats. Insurance coverage, the requirements of each shipowner and protects it from partial loss, total loss, share of vessels in average overhead and recovery costs, pursuit and labour costs, and the shipowner`s liability to other vessels resulting from collisions. 5) Insurable interest: the ship`s insurance is valid if the person has insured interest at the time of the loss. “A marine insurance contract is a contract based on the utmost good faith, and if the best faith is not respected by either party, the contract can be avoided by the other party.” (section 17, No. 1906.) The seller is responsible for putting the goods on board (F.O.B. Contract) on board the steamboat. Then the buyer is responsible. He can do the insurance wherever he wants. Rather, a floating policy is an open policy, where not everything is clearly defined. Marine insurance is such a floating policy. Here, it`s open. For example, generic terms are mentioned, but features such as specific ship names have been omitted.
These will not be decided until later, so it will be a floating policy. The following features of a marine insurance contract are important: while fire and accident insurance must have an insurable interest in both costs and freight, the buyer`s liability (C-F contract) generally depends on the integration of the goods. He must take care of the insurance from that date. (a) In marine insurance, where an insurer pays for total damage: a recent evolution of hull insurance has been the growth of insurance for offshore oil and gas exploration and production units, as well as the associated construction risks. Hull insurance is the subject of a ship or ship. There are many types of ship design. Most of them are steel and welded and are able to navigate the sea in charge. It cannot be overemphasized that contract negotiation is a crucial time for marine insurance, particularly because, in most cases, no proposal form is used. Many subsequent disputes could have been avoided from the outset through a good understanding of the parties` requirement and intent. The basic principles of ship insurance come from the Marine Insurance Act, 1963, as with all heritage protection contracts, the marine insurance contract is based on the basic principles of compensation, insured interest, utmost Good Faith, proximate cause, subrogation and contribution. Marine insurance practitioners must familiarize themselves with the law and respect these principles when negotiating contracts and paying contract fees.
There must be an insurable interest, otherwise the agreement and the policy are null and void. Anyone who has their goods transported by sea voyage and who can be affected has an insurable interest. 6) Contribution: If a person insures his goods with two insurance companies, the two insurance companies pay the damage to the owner in proportion to the damage suffered by a ship. Type of Free on Board Insurance Responsibility Policy The issue of policy prevention generally arises over the presentation of a right when the insurer first dismisses liability pending a thorough investigation into the circumstances leading to the circumvention. However, the policy remains legally valid, so that the insured can obtain a decision from the court if he wishes to make his claim. Unless the insured agrees to have made a mistake and returns the termination policy by mutual agreement so that the premium can be reimbursed, the question remains whether the insurer waives the bypass or even withholds the fraud premium.