Marine insurance fundamentals


Question 1: Define the given four terms:

a) Navigational Limits
b) General Average
c) Contributory Values
d) Average Bond

Question 2: Explain in detail the procedure for placing a marine risk in the London market, from the initial proposal to the payment of premium to underwriters.

Question 3: In marine insurance how is the measure of indemnity influenced by underinsurance? Give an instance of how this might operate in practice.

Question 4: Describe the purpose of the continuation clause (clause 2) in the Institute Time Clauses - Hulls 1/11/95.

Question 5: Answer both parts:

a) What requirements are essential in order to be entitled to a general average contribution?
b) What is the effect of underinsurance on any sums recoverable under the General Average and Salvage clause in the Institute Time Clauses (Hulls) contract?

Question 6: In the context of marine insurance when is a contract void and when is it voidable? In case of a voidable policy is it still a legally valid document?

Question 7: In relation to marine insurance, what is insurable interest? When does interest normally apply?

Question 8: What is the difference between implied and express warranties in the context of marine insurance? Give an illustration of each.

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Finance Basics: Marine insurance fundamentals
Reference No:- TGS04259

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