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Key Principles of Marine Insurance Contracts

The document outlines the essential features and principles of marine insurance contracts, including insurable interest, utmost good faith, and the doctrine of indemnity. It discusses various aspects such as the general contract features, exceptions to insurable interest, and the principle of subrogation. Additionally, it highlights the obligations of both parties under the contract and the importance of full disclosure.

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eaeyasinali
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8 views16 pages

Key Principles of Marine Insurance Contracts

The document outlines the essential features and principles of marine insurance contracts, including insurable interest, utmost good faith, and the doctrine of indemnity. It discusses various aspects such as the general contract features, exceptions to insurable interest, and the principle of subrogation. Additionally, it highlights the obligations of both parties under the contract and the importance of full disclosure.

Uploaded by

eaeyasinali
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Yasin Ali Akash

Student ID: 192018


Department of Finance and Banking
Jashore University of Science and Technology
Elements Of Marine Insurance Contract

The marine insurance has the following essential features which are
also called fundamental principles of marine insurance.

1) Features of General Contract,


2) Insurable Interest,
3) Utmost Good Faith,
4) Doctrine of Indemnity,
5) Subrogation,
6) Warranties,
7) Proximate Cause,
8) Assignment and Nomination of Policy,
9) Return of Premium.
Elements Of Marine Insurance Contract

1) Features of General Insurance Contract


Offer & Acceptance: Legal Consideration:
Elements Of Marine Insurance Contract

Features of General Insurance Contract


Competent to make contract: Free Consent:
Elements Of Marine Insurance Contract

2) Insurable Interest

:
Exceptions Rules of Insurable Interest

Exceptions

Lost or Not P.P.I policies


Lost
Elements Of Marine Insurance Contract

Insurable Interest

The insurable interest in marine insurance can be of the following forms:

According to Ownership

Insurable Interest in Reinsurance

Insurable Interest in other cases


Elements Of Marine Insurance Contract
i) According to Ownership

In Case of Ships In Case of Cargo In Case of Freight


Elements Of Marine Insurance Contract

ii) Insurable Interest in Reinsurance:


The underwriter under a contract of marine insurance has an insurable interest in his
risk.

iii) Insurable Interest in other cases:

In the case of the master or any member of the crew of a ship has insurable
interest in respect of his wages.
Elements Of Marine Insurance Contract

3) Utmost Good Faith:

Under this principle must disclosure some facts those are:


i) Materials facts
ii) Full and True disclosure
iii) Duty of Both Parties
Elements Of Marine Insurance Contract

Exception: In the following cases, the doctrine of utmost good faith may
not be adhered to:

Facts of common knowledge

Facts which are know should be known to the


insurer

Facts which are not required by the insurers.


Elements Of Marine Insurance Contract

4) Principles of Indemnity:
Elements Of Marine Insurance Contract

Principles of Indemnity:
Exception:

Profits Allowed Insured Value


Elements Of Marine Insurance Contract

5) Principle of Subrogation:
Example of Subrogation:

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