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Out of marine insurance, grew non-marine insurance and reinsurance. 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'.
Like ocean marine insurance, inland marine insurance has been traditionally less regulated in the United States. [3] Inland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation.
The Marine Insurance Act 1745 [1] (19 Geo. 2. c. 37) was an Act of Parliament of the Parliament of Great Britain. The Act has been described as "the first significant statutory intervention in substantive marine insurance law". [2]
In the United States, until the passage of the Social Security Act in 1935, the federal government did not mandate any form of insurance upon the nation as a whole. With the passage of the Act, the new program expanded the concept and acceptance of insurance as a means to achieve the individual financial security that might not otherwise be ...
On October 6, 1917, the War Risk Insurance Act of 1917 amended the insurance program to make life insurance coverage available to sailors in the United States Merchant Marine. [1] Richard Gilder Cholmeley-Jones, Director of the War Risk Bureau, eating lunch at his desk. Henry D. Lindsley served as director from December 1918 to August 1920. He ...
The purpose of the Maritime Commission was multifold as described in the Merchant Marine Act's Declaration of Policy. The first role was to formulate a merchant shipbuilding program to design and then have built over a ten-year period 500 modern fast merchant cargo ships which would replace the World War I-vintage vessels which made up the bulk of the U.S. Merchant Marine prior to the Act.
Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents. In 2016, the company wrote $13.890 billion in gross premiums, of which 69% was insurance, 29% was reinsurance, and 2% was other.
In the wake of this cancellation, the US Congress passed the Terrorism Risk Insurance Act to backstop insurance policies offered to commercial airlines. [5] The International Air Transport Association has argued that airlines operating in states which do not provide war risk insurance are at a competitive disadvantage in this area.