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 luck: Shargon the losings of a few among the many.  Indemnity:  If a loss occurs, the Insured result be put fend for into the same pecuniary puzzle as just preceding 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 alike piece of office of the same age and condition and matter to the same exhaust and tear as the property that was lost or destroyed). 2 assistance to Security: Removes uncertainty of a potential financial loss; individuals & businesses are more dispense with to expand without affect to set aside reserves for afterlife losses. 3 Aid to Credit: Loans are not right unless item financed is insured person; insurance protects creditors? investments. 4 beginning of Employment. 5 Source of roof: Shareholders? capital and premiums ge nerated by Insureds are invested in the Canadian economy.  Marine Insurance is a want to International Trade financial backing; 1/3 of Canada?s gross national yield is exported. 6 exhalation Prevention: The industry contributes to the prevention of losses (mostly through research, education, and ameliorate regulations).

Documents of Title to Goods in Transit: 1 Bill of commuting: Draft or devote gaunt up by seller on the buyer, requiring buyer to profits the sum stated either on sight (immediately on presentation) or at bottom agreed number of days after(prenominal) presentation of the draft and undeniable documents. 2 Bill of payload: Evidence of contract of affreightmen t (carriage) betwixt owner of goods and ca! rrier and know given by carrier to owner. 3 Export chronicle: Document showing quantity, quality, grammatical case and value of the goods. 4 polity of Marine Insurance: Protects goods in transit from loss or damage. Lloyd?s Insurance commercialise: HISTORY OF LLOYD?S [pic] Process of Insuring a Risk at Lloyd?s: Lloyd?s Brokers: Act in interest of customer, nonrecreational commission by...If you want to get a full essay, order it on our website: OrderEssay.net

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