MARINE INSURANCE Marine insurance is the indemnity for the loss of cargo or damage to ships during the shipment. The risks that marine insurance covers are fire‚ seizures‚ wars‚ accidents or causalities which take place over the sea. The winds and waves are not included as risks in the marine insurance. The Indian Marine Insurance Act‚ 1963 is imbibed from the Marine Insurance Act‚ 1906. Though the Marine Insurance Act is deep in its insurance coverage‚ it does not provide for losses that occur
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Introduction It is said that marine insurance started sometime by the end 12th century in North Italy though some writers opine that it was in 3000 BC (not in the present form) when the Chinese merchants were dispersing their shipments along with several vessels with a view to minimize the damage to the shipments. Then a time came when the insurance of ships and cargo came in the form of bottomry that was essentially a monetary protection in the case the cargo is lost at sea or damaged. Then‚
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INTRODUCTION Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium. Insurance allows individuals‚ businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. We say "significant" because if the potential loss is small‚ then it doesn’t make sense to pay a premium to protect against the loss. After
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1988 General Insurance Convention M A R I N E I N S U R A N C E R E I N S U R A N C E A N D GISG 1988 Working Party Members:Chairman: Colin J.W. Czapiewski David H. Craighead Peter A.G Green David M. Hart Peter N. Matthews Chris Mellor Hugh Rice Peter D. Smith David I. Tomlinson Marine Insurance & Reinsurance - An Introduction Page Index 1. Introduction 2 2. Classes of Marine Business 3 3. Types of Insurance and Reinsurance 6 4. Organisations
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COVERED 1. This insurance covers all risks of loss of or damage to the subject-matter insured except as provided in Clauses 4‚ 5‚ 6 and 7 below. Risks Clause 2. This insurance covers general average and salvage charges‚ adjusted or determined according to the contract of affreightment and/or the governing law and practice‚ incurred to avoid or in connection with the avoidance of loss from any cause except those excluded in Clauses 4‚ 5‚ 6 and 7 or elsewhere in this insurance. General
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MARINE INSURANCE ACT 1963 THE MARINE INSURANCE ACT‚ 1963 ACT NO. 11 OF 1963 [18th April‚ 1963.] An Act to codify the law relating to marine insurance. BE it enacted by Parliament in the Fourteenth Year of the Republic of India as follows:-Short title and commencement. 1. Short title and commencement. (1) This Act may be called the Marine Insurance Act‚ 1963. (2) It shall come into force on such date 1* as the Central Government may‚ by notification in the Official Gazette‚ appoint. Definitions.
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Development of Marine Insurance in Shanghai WANG Yun‚ LIU Juanjuan Research Institute for Science of Water Transport Economy‚ Shanghai Maritime University‚ 1550 Pudong Av.‚ Shanghai‚ China wangyun1896@163.com Abstract: This paper studies the relationship between marine insurance and the development of shipping‚ finance and regional economy based on statistics. We use the quantitative analysis method‚ partial correlations method‚ to find out the key factors in local marine insurance development. Though
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Insurance I | | INTRODUCTION | Insurance is legal contract that protects people from the financial costs that result from loss of life‚ loss of health‚ lawsuits‚ or property damage. Insurance provides a means for individuals and societies to cope with some of the risks faced in everyday life. People purchase contracts of insurance‚ called policies‚ from a variety of insurance organizations. Almost everyone living in modern‚ industrialized countries buys insurance. For instance‚ laws in some
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F – 210 Insurance and Risk Management A report on Accident Insurance in Green Delta Insurance Company Ltd. & American Life Insurance Company Ltd. University of Dhaka Topic Accident Insurance in Green Delta Insurance Company Limited and American Life Insurance Company Limited Submitted to Pallabi Siddiqua Assistant Professor Department of Finance Faculty of Business Studies University of Dhaka Submitted By Group 01 Section – A 18th
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CHAPTER-1 INTRODUCTION * What is Insurance? * Insurance Act‚1938 * Types Of Insurance * How Insurance Works? * Life Insurance Business * Role of Insurance in Economic Development * Indian Insurance Industry: New Avenues for Growth 2012 * Research methodology WHAT IS INSURANCE? The business of insurance is related to the protection of the economic values of assets. Every asset has a value. The asset would have been created through the efforts of the owner
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