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    Marine: Kinds of Indemnity Policies Averages Loss

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    Danica Caballes
    1. The document discusses various types of implied and express warranties in marine insurance policies, including warranties of seaworthiness, nationality or neutrality documents, and legality of voyage. 2. It also covers different types of losses (total, partial, constructive total loss) and average policies (general, particular, valued policy, open policy). 3. The key aspects covered are warranties and implied warranties in marine insurance, types of losses, and different kinds of average policies.

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    Marine: Kinds of Indemnity Policies Averages Loss

    Uploaded by

    Danica Caballes
    18 views2 pages
    1. The document discusses various types of implied and express warranties in marine insurance policies, including warranties of seaworthiness, nationality or neutrality documents, and legality of voyage. 2. It also covers different types of losses (total, partial, constructive total loss) and average policies (general, particular, valued policy, open policy). 3. The key aspects covered are warranties and implied warranties in marine insurance, types of losses, and different kinds of average policies.

    Original Title

    MARINE 2

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    1. The document discusses various types of implied and express warranties in marine insurance policies, including warranties of seaworthiness, nationality or neutrality documents, and legality of voyage. 2. It also covers different types of losses (total, partial, constructive total loss) and average policies (general, particular, valued policy, open policy). 3. The key aspects covered are warranties and implied warranties in marine insurance, types of losses, and different kinds of average policies.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    18 views2 pages

    Marine: Kinds of Indemnity Policies Averages Loss

    Uploaded by

    Danica Caballes
    1. The document discusses various types of implied and express warranties in marine insurance policies, including warranties of seaworthiness, nationality or neutrality documents, and legality of voyage. 2. It also covers different types of losses (total, partial, constructive total loss) and average policies (general, particular, valued policy, open policy). 3. The key aspects covered are warranties and implied warranties in marine insurance, types of losses, and different kinds of average policies.

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    Marine

    IMPLIED KINDS OF
    LOSS
    WARRANTIES
    INDEMNITY
    POLICIES
    There is an implied warranty that
    Averages
    the ship is seaworthy at the time Total
    of the inception of voyage. If it is Loss
    not, there can be no recovery Partial Valued Open
    Warranty of from the insurer Loss Policy Policy
    Seaworthiness
    General
    ACTUAL TOTAL
    LOSS Averages
    Where the nationality or
    neutrality of a ship or cargo is A kind of policy wherein A kind of policy wherein
    expressly warranted, it is implied Every loss which
    Warranty that the the value of the property the value of the
    that the ship will carry the is not total is
    ship has the is fixed and is conclusive property is not fixed
    requisite documents to show such partial. General Rule: The insured may
    documents of An actual loss may be between the parties. but must be
    nationality or neutrality and that presumed from the either hold the insurer directly Except, when there was determined according
    neutrality or
    it will not carry any documents, liable for the whole of the fraud when the to Section 163 of the
    nationality continued absence of a ship
    which cast reasonable suspicion without being heard of. The insured value of the property valuation was fixed. Insurance Code.
    thereon sacrificed for the general
    length of time which is
    sufficient to raise this benefit, subrogating him to his
    own right of contribution or
    presumption depends on the
    circumstances of the case. demand contribution from the
    Only in case of improper deviation other interested parties as soon
    Warranty against shall the insurer be exonerated as the vessel arrives at her
    improper Co-Insurance
    from liability for the loss destination.
    deviation Clause
    Constructive
    Total Loss Particular
    The course of voyage shall be Averages
    determined in the following
    Requisites for the application of
    order:
    Warranty of a co-insurance clause are:
    1. The course agreed upon by the
    legality of the In case of constructive total 1. There must be a partial loss;
    parties;
    voyage loss, insured may: General Rule: Insurable if and 2. There is under-insurance.
    2. If nothing was agreed upon,
    1) Abandon goods or vessel agreed upon by the parties. (The insurance coverage is less
    one which conforms to the course
    to the insurer and claim for Exception: if there’s a “Free than the value of the property
    of sailing fixed by mercantile
    whole insured value (Sec. from Particular Average (FPA) insured
    usage;
    140) Clause
    3. If there is no mercantile usage,
    2) Without abandoning
    one which is a master of ordinary
    vessel, claim for actual loss
    skill and discretion would find to
    (Sec. 157)
    be the most natural, direct and
    advantageous
    Caballes, Danica, EH 404

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