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What is marine insurance explain its scope




Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. The term originated when parties began to ship goods via sea.

What is the scope of insurance?

In the case of the Insured Event, the Insurer shall compensate the affected party for the property or health damage for which the Insured is liable, i.e. pay the costs of the Insured associated with the return of the situation to the previous condition.

Which of the following is the scope of marine insurance?

Marine insurance covers the loss or damage caused to the goods during transit between the point of origin and destination. The insurance policy also provides coverage for the exposed goods, kept onshore or offshore, marine liability or casualty and hull.

What marine insurance means?

Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.

What are the conditions of marine insurance?

The Insurer covers all risks to which the goods are subject for the duration of the insurance. Irrespective of percentage, the Insurer makes good loss of or damage to the insured goods arising from an insured peril. Pre-carriage goods or returned goods are covered under the same conditions as other goods.


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Marine Insurance is a type of insurance that covers cargo losses or damage caused to ships cargo vessels terminals and any transport in which goods are

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The insured is made responsible to declare each and every shipment coming within the scope of the open cover An unscrupulous insured may omit a few 

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insurance legal regimes" d The Working Group at its seventh session formulated marine insurance that is international in scope is the

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Marine insurance defined 4 Mixed sea and land risks 5 Lawful marine adventure INSURABLE INTEREST 6 Avoidance of wagering contracts 



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General Conditions of Marine Insurance on Goods (CGMI 1988) A Scope of Insurance reduce his payment in corresponding relation to the

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scope of this publication to explain these terms in detail an of insurable property or may be prejudiced by its loss or damage

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(1) A contract of marine insurance may by its express terms or by usage of trade be defined 3 Marine adventure and maritime perils defined

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