Essential Elements of Marine Insurance Contract
Before discussing the basic elements of marine insurance we need to know something about marine insurance . A marine insurance contract is a contract where the insurer contractually assumes the risk of providing financial assistance against marine losses.
The ship insurance contract can therefore be called marine debris cover. Any word of waste associated with maritime adventure.
There are some basic elements of marine insurance. Moreover, marine insurance is a legal contract. So there are some basic elements of marine insurance apart from the general elements.
1. Elements of a Structure Contract : All the elements of a structure insurance contract are included in a transport insurance contract. Because the contract is a framework contract. What types of agreements are included in framework agreements:
(a) Two parties: There are two parties to a marine insurance contract One party is the insurance company and the other party is the policy holder
(b) Offer and Acceptance: As in the original contract, the insurance company offers the insurance company to accept its policy. If the policy is accepted, the contract is concluded.
(c) Legal Consideration: As a general contract, the insurance company gives proof to the policyholder that the risk has been withdrawn in cash. It is transferred from the insurance company to the insured.
(d) Validity of Contract: Both parties must maintain the validity of the contract.
(e) Legal Person: The contract must be a legal contract.
(f) Green Consent: Both parties must agree to be released.
(g) Assurance: The subject matter of assurance must be assurance.
(h) Written form: The agreement must be in writing.
2. Insurable interest : An insurable interest is a financial interest when the policyholder benefits from the existence of the insured and incurs loss due to the death or loss of the insured.
3. Absolute good faith : Since the insurance company knows nothing and the person who comes to him seeking insurance knows the insurance company without asking all the necessary conditions, and this is reflected in the fact that he has a contract with the highest product transaction he believes. .
4. Indemnity: Insurance is an indemnity contract under which the insurance company agrees to pay a fixed amount as compensation due to an unspecified event without taking into account fixed periodic payments of insurance premium.
5. Immediate causes: Certain types of risk arise due to actual loss, which are called immediate.
6. Proportional Contribution: If waste is generated which is not included in the total, its risks are compensated proportionately.
7. Subjects of Insurance: Insurance of transport, cargo, ship goods, ship charter etc. Also referred to as transportation insurance or insured items.
8. Duration: There are two types of marine insurance . One is a private flight rule and the other is a temporary rule.
9. Warranties: Marine insurance contracts contain certain conditions, such as:
1. Neutrality of ships
Second: Travel time
the third safe time
Fourth. Ownership neutrality
Fifth, the ability to travel by ship
VI. Validity of maritime navigation
Seventh: Do not delay the flight
Hence these are the main components of transport insurance which are part of statutory transport insurance. A standard marine insurance contract should accompany or include these elements.
The ship insurance contract can therefore be called marine debris cover. Any word of waste associated with maritime adventure.
There are some basic elements of marine insurance. Moreover, marine insurance is a legal contract. So there are some basic elements of marine insurance apart from the general elements.
1. Elements of a Structure Contract : All the elements of a structure insurance contract are included in a transport insurance contract. Because the contract is a framework contract. What types of agreements are included in framework agreements:
(a) Two parties: There are two parties to a marine insurance contract One party is the insurance company and the other party is the policy holder
(b) Offer and Acceptance: As in the original contract, the insurance company offers the insurance company to accept its policy. If the policy is accepted, the contract is concluded.
(c) Legal Consideration: As a general contract, the insurance company gives proof to the policyholder that the risk has been withdrawn in cash. It is transferred from the insurance company to the insured.
(d) Validity of Contract: Both parties must maintain the validity of the contract.
(e) Legal Person: The contract must be a legal contract.
(f) Green Consent: Both parties must agree to be released.
(g) Assurance: The subject matter of assurance must be assurance.
(h) Written form: The agreement must be in writing.
2. Insurable interest : An insurable interest is a financial interest when the policyholder benefits from the existence of the insured and incurs loss due to the death or loss of the insured.
3. Absolute good faith : Since the insurance company knows nothing and the person who comes to him seeking insurance knows the insurance company without asking all the necessary conditions, and this is reflected in the fact that he has a contract with the highest product transaction he believes. .
4. Indemnity: Insurance is an indemnity contract under which the insurance company agrees to pay a fixed amount as compensation due to an unspecified event without taking into account fixed periodic payments of insurance premium.
5. Immediate causes: Certain types of risk arise due to actual loss, which are called immediate.
6. Proportional Contribution: If waste is generated which is not included in the total, its risks are compensated proportionately.
7. Subjects of Insurance: Insurance of transport, cargo, ship goods, ship charter etc. Also referred to as transportation insurance or insured items.
8. Duration: There are two types of marine insurance . One is a private flight rule and the other is a temporary rule.
9. Warranties: Marine insurance contracts contain certain conditions, such as:
1. Neutrality of ships
Second: Travel time
the third safe time
Fourth. Ownership neutrality
Fifth, the ability to travel by ship
VI. Validity of maritime navigation
Seventh: Do not delay the flight
Hence these are the main components of transport insurance which are part of statutory transport insurance. A standard marine insurance contract should accompany or include these elements.
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