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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 insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
Boat insurance: It typically costs around 1 to 5 percent of the boat’s value. So, using the example above, the average annual cost of insurance for a $20,000 boat would be between $200 and ...
Boat prices vary depending on the model, make, size, features and condition. For instance, an 18- to 25-foot used pontoon can cost between $8,000 and $12,000 .
In geotechnical engineering, a caisson (/ ˈ k eɪ s ən,-s ɒ n /; borrowed from French caisson ' box ', from Italian cassone ' large box ', an augmentative of cassa) is a watertight retaining structure. [1] It is used, for example, to work on the foundations of a bridge pier, for the construction of a concrete dam, [2] or for the repair of ...
A small boat stuffing box comprising an adjusting nut, a locking nut and a sleeve. On a boat having an inboard motor that turns a shaft attached to an external propeller, the shaft passes through a stuffing box, also called a "packing box" or "stern gland" in this application. The stuffing box prevents water from entering the boat's hull.
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.