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.