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Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
In the 19th century, the course of the Industrial Revolution gave rise to new exposures on land, such as telegraphs, railroad equipment, and other types of property with which fire insurance companies were unfamiliar, and inclined to grant coverage only for "enumerated perils". Marine insurers, accustomed to providing "all risk" coverage to ...
It may include marine insurance for shipwrecks or losses at sea, fidelity and surety insurance, earthquake insurance, political risk insurance, terrorism insurance, fidelity and surety bonds. One of the most common kinds of casualty insurance today is automobile insurance. In its most basic form, automobile insurance provides liability coverage ...
Barratry is defined in the Marine Insurance Act 1906 as "every wrongful act wilfully committed by the master or crew to the prejudice of the owner, or, as the case may be, the charterer" [2] and thus usually considered a crime against the ship's owner. Therefore, if the owner himself chooses to wreck the ship, no crime is committed, as the ...
The amount of coverage may be a blue book value or an agreed value that was set when the policy was purchased. [6] The use of the insurance term "hull" to refer to the insured aircraft betrays the origins of aviation insurance in marine insurance. Most hull insurance includes a deductible to discourage small or nuisance claims.
Under Section 39 of the Marine Insurance Act 1906, in a voyage policy there is an implied warranty that the vessel is "reasonably seaworthy in all respects": S. 39 (1) In a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure insured.
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
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