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for the benefit of the bailor and bailee; for the sole benefit of the bailor; and; for the sole benefit of the bailee. Examples. A bailment for the mutual benefit of the parties is created when there is an exchange of performances between the parties (e.g. a bailment for the repair of an item when the owner is paying to have the repair ...
The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are not marine related but may be in transit or deemed mobile including: property in transit, property in the custody of a bailee, property deemed to be an instrumentality of transportation or communication ...
warehouser's lien—a lien for storage charges for goods stored with a bailee (sometimes called a warehouseman's lien). workers' compensation lien—a statutory lien asserted by a healthcare provider to recover the cost of emergency and ongoing medical work, usually asserted against any compensation benefits paid to a patient.
A Himalaya clause is a contractual provision expressed to be for the benefit of a third party who is not a party to the contract. Although theoretically applicable to any form of contract, most of the jurisprudence relating to Himalaya clauses relate to maritime matters, and exclusion clauses in bills of lading for the benefit of employees, crew, and agents, stevedores in particular.
Morris v CW Martin & Sons Ltd [1966] 1 QB 716 is an English tort law case, establishing that sub-bailees are liable for the theft or negligence of their staff. Both Lord Denning and Diplock LJ rejected the idea that a contract need exist for a relationship of bailor and bailee to be found.
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Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.
The clauses are found in maritime insurance in relation to insuring mortgaged vessels. When selling land via a land contract, the seller may require the buyer to include a loss payee clause in their insurance policy to protect the seller's ongoing interest in the property until the contract is concluded. [1]