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Maritime Law
Beginning of paper
The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
"A contract whereby the insurer unde ....
Middle of paper
....
insurance.
4- The sum or sums insured.
5- The names of the insurers."
The promissor in an insurance contract is called the insurer or underwriter, the
person to whom the promise is made is the insured, assured or the policyholder
and finally the contract is referred as the policy.
In order to avoid these situations marine cargo insurance h.... |
| Word count: 840 |
Page count: 4 |
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