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Understanding Maritime Insurance Prajakta Kanegaonkar Essay Example

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Understanding Maritime Insurance Prajakta Kanegaonkar

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Understanding Maritime Insurance Prajakta Kanegaonkar. Maritime liabilities covers, sea as well land legalities and liabilities therein. Pollution Insurance: These days pollution has become a watch word for business communities. With cases of oil tankers leaking and damaging the marine and oceanic life, the transport companies are liable to pay heavy fines and duties towards protection of environment. This factor is covered on marine insurance as well. Flood insurance: In the recent past water bodies all over the world are constantly threatened by natural calamities such as floods, tsunamis and storms etc. it becomes imperative for the companies to insure against such calamities. Although this forms the basis of the marine insurance covering the loss of goods in transit, these calamities are especially accounted for in marine insurance.

Worker’s compensations: Now a day, worker’s compensation is a clause included by many marine insurance companies. This covers accident and life insurance of the crew and staff of the vessel or the ship. This clause would have been incorporated because taking care of its workforce is thought to be the most prime responsibility of the ship owner and employer.We have to understand that marine insurance or any form of insurance is basically a contract between two parties. Earlier it was a group of people coming together and pooling their money to cover a particular vessel, voyage, cargo or goods. The loss if any was compensated from the money pooled by these group’s members. This started the system of underwriting in insurance industry. Like any other contract marine insurance also comprises following factors: Parties: These are entities involved between whom the contract is agreed upon and signed. These could be individuals or business entities. These parties to the contract should be mentally competent.We see all these elements in an insurance policy. Most importantly any agreement or contract between two parties for the purpose of business should have an implicit trust to carry the contract through. No two parties get involved in the transaction with mutual understanding to fail. They get into an agreement to make it fruitful, conducive and rewarding for each other. Therefore the concept of trust and faith in insurance industry holds the maximum validity. The faith and trust here are expected mutually. Insurer and insure in insurance are expected to. Understanding Maritime Insurance Prajakta Kanegaonkar.

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1. The history of Insurance - Risk through the Ages - Nick Asensio - www.thehistoryof.net

2. www.marineinsurance.

3. www.duhaime.org/LegalDictionary

4. www.marine-ins.com

5. www.investopedia.com/term

6. T.-L. Wilhelmsen Duty of disclosure, duty of good faith, alteration of risk and warranties in CMI Yearbook 2000

7. www.localinstitutes.cii.co.uk

8. Sir MAcKenzie Chalmers English Law of Marine Insurance – English and Continental Maritime Law – Antwerp Maritime Law seminars – Eric Van Hooydonk ISBN 90-621-5809-9

Word count: 1840

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