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_SLIDE_1_ Marine Insurance _SLIDE_2_ Marine Insurance The Nature of Marine Insurance In a contract of marine insurance the insurer undertakes, in consideration of a premium, to indemnify the assured against loss occasioned by perils incident to a marine adventure. _SLIDE_3_ Marine Insurance The Nature of Marine Insurance INSURER INSURED Pay premium Indemnify against loss _SLIDE_4_ The complex circumstances involved in sea voyages require very specific arrangements for the provision of marine insurance. (for example) The fixing of rates and special conditions requires a vast knowledge of the nature of vessels and cargo and of the conditions of navigation. Marine Insurance The Nature of Marine Insurance _SLIDE_5_ Marine Insurance 1. Contract of indemnity A contract of marine insurance = A contract of indemnity the amount recoverable is measured by the extent of the assured’s pecuniary loss. _SLIDE_6_ Marine Insurance 2. Losses Incident to Marine Adventu…
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