This essay Maritime Law has a total of 844 words and 7 pages.
The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
"A contract whereby the insurer undertakes to indemnify the assured, in manner
and to the extent thereby agreed, against marine losses, that is to say, the
losses incident to marine adventure." The purpose of marine insurance is to
provide protection against financial loss for an amount, which is as close as
possible to the actual loss recognized. Marine insurance is a contract by which
one party for a specified consideration promises to pay another party a sum of
money on the loss of goods that are subject to marine transport. Therefore
marine insurance is a contract of indemnity, which is a contract of
reimbursement, and the amount redeemable is measured by the extent of the
assured's or the insured's financial loss. The terms and conditions of the
contract entered into with the insurer determine the amount of reimbursement
that is to be received by the insured.
A contract of marine insurance is embodied in a policy, which specifies:
"1- The name of the insured, or of some person who effects the insurance on his
2- The subject matter insured and the risk insured against.
3- The voyage, or period of time, or both, as the case may be, covered by the
4- The sum or sums insured.
5- The names of the insurers."
The promissor in an insurance contract is called the insurer or underwriter, the
person to whom the promise is made is the insured, assured or the policyholder
and finally the contract is referred as the policy.
In order to avoid these situations marine cargo insurance has different coverage
for different purposes.
55 Section 72(1) says that a general average loss is any loss or damage
voluntarily incurred for the general safety of the ship and cargo. For example,
where goods are thrown overboard in a storm for the purposes of saving a ship,
and the rest of the cargo. The Admiral Zmajevic (1983) 2 LLR 86.
56 Section 72(3) says that the several persons interested in the ship,
freight and cargo must contribute rateably to indemnify the person whose goods
have been sacrificed against all but his proportion of the general loss.
1.Does your policy cover perils?
2.Does it cover war risks and riots?
Due to events like the Los Angeles 3.Does it cover?
Nature of Marine Insurance
1 Marine Insurance deals with the insurance of marine risks.
5 There are a number of terms used in marine insurance, as follows:
5.1 The contract of Marine Insurance is generally referred to as
5.2 The insurer is the underwriter;
5.3 The property insured is called the subject matter of the
5.4 The assured's interest in that subject matter is called the
5.5 The payment or consideration for which the insurer undertakes
to indemnify the insured is called the premium.
Does your policy cover perils. This is damage caused to your goods due to:
heavy weather conditions, salt water damage, collisions, fires, jettisons
(voluntary dumping overboard of either cargo or ship's material to protect
property from a common danger)?
2.Does it cover war risks and riots? Due to events like the recent Los
Angeles riots and warlike situations occurring worldwide, this point needs much
attention and consideration. Situations arise most often without warning and may
result in damage to your merchandise.
3.Does it cover General Average? This is a loss resulting from a voluntary
sacrifice of any part of the vessel or cargo, or an expenditure to safeguard the
vessel and the remainder of the cargo. In a declared General Average, the
financial responsibility you bear is determined by the value of your cargo in
relation to the total values involved in the voyage. This cost can sometimes
total more than the value of your merchandise.
Valuation: Amount of invoice, including all charges therein and including pre-
paid and/or advanced and/or guaranteed freight charges, if any, plus 10%.
Foreign currency to be converted into dollars at current rate of exchange in New
Coverage: Insured against all risks of physical damage from any external cause,
irrespective of percentage, including the risks of wars, strikes, riots & civil
commotion, from warehouse to warehouse.
Date of Proposal:
Topics Related to Maritime Law
Types of insurance, Marine insurance, Insurance, Indemnity, Liability insurance, South African insurance law
Essays Related to Maritime Law
Going beyond a Pat on the Back Going beyond a Pat on the Back – Motivation Theory at Work in the Food Service Industry America’s love affair with restaurants has never been greater. According to Roy Alonso of the National Restaurant Association, there were over 750,000 locations offering food services of some sort in the United States as of 1997. It is estimated that half of all adults are foodservice patrons on a typical day, and over 43 cents of the consumers food dollar is spent at these establishments. In 1997, sales of
World War II World War II In the early morning hours of September 1, 1939, the German armies marched into Poland. On September 3 the British and French surprised Hitler by declaring war on Germany, but they had no plans for rendering active assistance to the Poles. The Battle of Britain In the summer of 1940, Hitler dominated Europe from the North Cape to the Pyrenees. His one remaining active enemy—Britain, under a new prime minister, Winston Churchill—vowed to continue fighting. Whether it could was quest
Comparative Politics Comparative Politics Comparative Politics, typically defined as the study of the internal politics of nations other than our own, is a diverse and complex field. There is no one central tendency or approach which dominates this area of inquiry within political science: various theories, concepts, issues and methodologies are evident in the field. While it is recognized that no simple classification can be made of the literature, we are encouraged to be aware of contrasting approaches, and to en
Sexual HarassmentSexual Harassment Just 20 years ago, in most states a woman could not sign an apartment lease, get a credit rating, or apply for a loan unless her husband or a male relative agreed to share the responsibility. Similarly, a 1965 study found that fifty one percent of men though women were temperamentally unfit for management. There can be no doubt that we have progressed a long way from these ideas in the last three decades. However, it is also unquestionable that women in the work force are sti
Gun ControlGun Control Government 2301 02 November 1996 A Well regulated militia, being necessary to the security of a free State, the right of the people to keep and bear arms , shall not be infringed. Amendment II, Bill of Rights Constitution of the U.S. The Second Amendment has been a major issue in American politics since 1876. In question is the intent of this Amendment. Was it meant to insure that people in general have arms for personal service, or was it intended to insure arms for military service
Wireless communications Wireless communications INTRODUCTION Wireless communications are becoming increasingly popular in today’s fast paced world. Mobility, portability, and instant access (via the Internet) to unlimited information have become the mantra of businesses and individuals alike. The evolution of wireless communications has been incredibly quick and the future of this technology is unlimited. The impact of this technology on our lives will be tremendous and allow us to do things we never imagined. What Is
Gods Of Management Gods Of Management The author, in the Gods of Management, attempts to classify four distinct management cultures that exist within all organizations. The author further uses the ancient Greek gods to symbolize these management cultures or philosophies. There are four types of management cultures or philosophies present within all organizations. The four cultures are the club (Zeus), role (Apollo), task (Athena), and existential (Dionysus) cultures. The first culture the author discusses is the
For decades prior to the 1981-82 recession the national unemployment r For decades prior to the 1981-82 recession, the national unemployment rates of Canada and the United States had been nearly identical. Since then, a persistent unemployment rate gap has emerged. Throughout most of the 1980s, Canada's unemployment rate has consistently been about 2 percentage points higher than in the United States. The gap developed in spite of very similar economic performances across the two countries: the growth rate of real per capita incomes has been virtually identical
ERGONOMICS IN OFFICE AND CLERICAL ENVIRONMENTS ERGONOMICS IN OFFICE AND CLERICAL ENVIRONMENTS ADMINISTRATIVE MANAGEMENT 200 GROUP PROJECT WRITTEN ASSIGNMENT Ergonomics is becoming one of the most important aspects of administrative management. Since the introduction of computers, offices are becoming more technologically based. Employees are spending greater amounts of time in the office and therefore must be comfortable to remain productive. Workers that feel stressed and do not like their work environments lose morale and spend more time
World Issues Book Review World Issues Book Review Shooting The Hippo by Linda McQuaig Linda McQuaig’s most recent book, Shooting the Hippo is about the causes and results of the debt. It is a look at both the factual causes and the arguments which are merely presented to us through the various elements of the media. McQuaig delivers an insightful overview of the extensive media coverage which has bombarded us over the past few years. With the excitement of a mystery writer, McQuaig tells the real story behind the de
UNEMPLOYMENT UNEMPLOYMENT In industrialized countries in which most people can earn a living only by working for others, being unable to find a job is a serious problem. Because of its human costs in deprivation and a feeling of rejection and personal failure, the extent of unemployment is widely used as a measure of workers' welfare. The proportion of workers unemployed also shows how well a nation's human resources are used and serves as an index of economic activity. Economists have described the types o
Darren Atlee Darren Atlee Economics January 13, 1995 Topic: Restaurants Specific Topic: Failure of Restaurants Question: What are Five factors which contribute to the failure of new restaurants? Definition of Business Failure: Business that ceased operation following assignment or bankruptcy; ceased operation after foreclosure or attaching; voluntary withdrawal leaving unpaid debts. It is a common assumption in the restaurant industry that restaurants fail at an exceedingly high rate, the highest failure ra
UPS UPS If you enjoy dealing with people, the outdoors, and being your own supervisor than a job with the UPS just might be a job for you. There are many advantages to being a UPS driver, but there are also a few disadvantages. Some of the advantages are that most freight and material movers belong to Unions. The particular unions that represent freight and material movers are International Union, United Automobile, Aerospace and Agriculture Implement Workers of America. Unions make sure that the w
WORK SATISFACTION WORK SATISFACTION As the quote from the Work in America report indicates, people want to feel that their work matters, that what they do gives them some sense of fulfillment. Of course, other factors matter too, especially room for advancement and compensation, but the most important thing here is that work be meaningful. But are these needs important to the organization? Sometimes yes, sometimes no. But more and more, they are becoming significant to most organizations. While employers want a
Table of Contents Table of Contents Population Culture Tradition Way of Life Vegetation and Animal Life History Religion Arts Language Education Health Government Climate Trade Resources Agriculture Bibliography Austria Austria, a small country in Central Europe famous for its gorgeous mountain scenery. The towering Alps, and the foothills stretch across the western, southern and central parts of the country. Broad green valleys, lovely mirror lakes and thick forest cover a good portion of the land. Austria with
CONSUMER APPEAL CONSUMER APPEAL Advertisers of today have strategically combined commercials and television shows in order to sell products. Gloria Steinem discusses a similar idea in her article, Sex, Lies, and Advertising. She repeatedly demonstrates how advertisements, particularly in magazines, are complementary to the articles around them. In the same manner, so are commercials to television programs. They are both aimed at the same groups or types of people, such as sex, age, gender, etc. Many times, t
PaintballPaintball Paintball is a fast and furious sport. It is played on both a social and serious level by over 16 million people around the world (Cooke,11). It is one of the fastest growing sports on the planet. Paintball's history, games, guns, and safety are all part of the fun. In 1970, James Hale, an engineer, invented and patented the first commercially successful paintball gun. Paintball guns were first used by the National Forest Association to mark trees that would be cut down. Then, it was u
Direct-Mail Advertising Direct-Mail Advertising As consumers, we are often bombarded by different types of advertisements each day. Whether it¹s by television, newspaper, or billboards, advertising has reached us one way or another. Yet, a majority of the ads that we encounter are often meaningless and uninteresting, because of the fact that these ads are meant to reach a certain target audience. This perception seems to change, however, when we look inside our mailboxes, pick-up our telephone, and even check our e-ma
GOVERNMENT GOVERNMENT Government can not exactly be described as an industry segment but it has significant effect on the rest of the industry in every segment. Due to this big effect, we agreed that the two major effects of the government come in the form of Medicare and Medicaid. These two programs effect millions of people and eventually the health industry overall. Analyzing these programs that are very complex and intertwined with each other was a complex job. Even though we tried our best to separat
Business strive for high production at low cost This would result in t Business strive for high production at low cost. This would result in the highest profit for a company. To many businesses, this is only a mirage. This is because the 'low cost' of the business usually results in a 'high cost' for the employees. This high cost is lower quality workplace items, lower salaries, less benefits, etc. These costs create an upset workplace environment. Companies understand that the more efficient their workers are, the more productive their business will become. Altho
Abstract EXAMPLESAbstract EXAMPLES This paper describes an empirical life cycle model and uses it to predict the behavioral responses to a change in the Social Security Disability Insurance (SSDI) program known internally within the Social Security Administration as the “$1 for $2 benefit offset”. This policy has not been enacted yet, but has been actively supported by disability advocates as a way to provide greater incentives for SSDI benefi-ciaries who have fully or partially recovered from their disabilities
Financial AccountingFinancial Accounting Content Page Tasks Page No Stakeholders 4Internal and external stakeholders interested in the business 4Why should I keep records? 5-6The Importance of Keeping Accurate Accounts 5-6Reasons for keeping accurate records of your income and expenses 6Books Of Original Entry 7Purchases Day Book 7Sales Day Book 7Sales Returns Day Book 7Ledgers 8The sales ledger 8The Purchases Ledger 8General/Nominal Ledger 8Cash-Books 8The Trail Balance 8Trading, Profit And Loss Account 9Trading a
ZysmanZysman Zysman (1983) has identified three types of financial systems, these include 1) A capital-market based system in which resources are allocated in competitive markets based on prices 2) A credit-based system in which critical prices are administered by government 3) A credit-based system under the dominion of financial institutions Within a capital-market based system such as the USA and the UK, organisations access capital in many ways depending on costs and terms. Stock markets are highl
General Motors Case AnalysisGeneral Motors Case Analysis RUNNING HEAD: General Motors Case Analysis General Motors: Cadillac Case Analysis Situation Analysis In 1986, Lloya Reuss, who was the Executive Vice President of all North America car operations for General Motor (GM), set new goals for GM to achieve because the task before Reuss was an ominous one. In 1959, when Reuss joined General Motors, GM and Cadillac had huge changed. Also, during that time, the U.S. auto market belonged to the three domestic producers (GM, F
ISLAMIC FINANCEISLAMIC FINANCE TERM REPORT CAR IJARA MBA 3 (DPO) DATE: 16TH DECEMBER 2002 BUSINESS ADMINISTRATION ACKNOWLEDGEMENTS At the completion of this report, we are very thankful to Mr. Ahmed Ali of Meezan bank for his sharing of valuable information, time and providing us with useful insight into the subject of Islamic car financing.. We are thankful to Mr. Farid Khan, of Meezan Bank for sharing his knowledge of car financing with us. We are also thankful to Mr. Mansoor Ali of Citibank for providing us
Business Plan ComponentBusiness Plan Component Section 3 Subject: Marketing Company: Citigroup Sources: http://www.hoovers.com/co/capsule/5/0,2163,58365,00.html www.hoovers.com/co/capsule/5/0,2163,58365,00.html Weekly Stock Prices: 37.62 Citigroup do not have offer products, but financial services. Since Citigroup is made up of many smaller companies, it provides many different types of financial services. It is hard to say that the corporation offers any sorts of products at all. The pricing of Citigroup's financial
Practical Applications of Statistics Practical Applications of Statistics Practical Applications of Statistics What Is Statistics? American Heritage Dictionary® defines statistics as: The mathematics of the collection, organization, and interpretation of numerical data, especially the analysis of population characteristics by inference from sampling. The Merriam-Webster’s Collegiate Dictionary® definition is: A branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data
Starting a Small EnterpriseStarting a Small Enterprise Starting a Small Enterprise Starting a Small Enterprise TABLE OF CONTENTS Page Introduction Why Be an Entrepreneur? ................................................ Rewards of Entrepreneurship ........................................... Risks of Entrepreneurship ................................................ 3 3 4 Process Flow: Starting a Small Enterprise ....................... 5 Analysis Are You Entrepreneurial? ................................................. Ad
INTERNATIONAL FINANCE CORPORATIONINTERNATIONAL FINANCE CORPORATION DESIGN IMPROVEMENT Prepared for: International Finance Corporation Headquarters April 25, 2004 Project # 00-001 April 25, 2004 International Finance Corporation 2121 Pennsylvania Avenue, NW Washington, DC 20433 USA Attention : Mr. Bernard Pasquier, CEO INTERNATIONAL FINANCE CORPORATION DESIGN IMPROVEMENT I have completed a 7 week project on IFC’s capability to support an earlier design process. This project was approved on March 12, 2004. In agreement to the ori
Capitalism versus CommunismCapitalism versus Communism Economic systems attempt to meet the needs of the people. Capitalism, as described by Adam Smith and Wealth of Nations and communism, as described by Friedrich Engels and Karl Marx in The Communist Manifesto are the two most well known types of economic policy. Capitalism attempts to meet the needs of the people by relying on a laissez-faire government policy on the economy, while communism gives the government total control over the economy. These approaches led to v
129 Scarcity and Choice impact economic activity12.9 Scarcity and Choice impact economic activity. 12.9.1 Scarcity and choice impact economic decisions of individuals, families, and communities. Scarcity and choice impact economic decisions of individuals in many ways. An Individual makes economic choices based on their needs and wants, which reflect their desires for certain goods and services. Since a person’s wants are unlimited and their resources, such as money, are limited, they are forced to make a decision—to choose how they are going
Business in A Global SocietyBusiness in A Global Society 1. What is the history of our economic development and what does it tell us about the future? The United States has maintained its status as the world’s economic leader by continuously using innovative technology to become more productive. We see this every day of our lives, how all the businesses in the world try to keep up with the up and coming technology. The main purpose for this is to always make their business more efficient and productive, no matter what indu
Microsoft Office XPMicrosoft Office XP Concepts and Techniques Excel 2002Project OneCreating a Worksheet and Embedded Chartobjectives Students will have mastered the material in this project when they can: l Start Excel l Describe the Excel worksheet l Describe the speech recognition capabilities of Excel l Select a cell or range of cells l Enter text and numbers l Use the AutoSum button to sum a range of cells l Copy a cell to a range of cells using the fill handle l Bold font, change font size, and change font c
Healthcare Cost Basis First things first Heart Group 4th PeriodCreatinHealthcare, Cost Basis …First things first… Heart Group, 4th PeriodCreating The Budget:Total up your fixed expenses and your flexible expenses. Subtract this total from your total income. If there is something left over, congratulations! You are living within your means. This would be a good time to decide where you can accelerate payment on your fixed expenses. If there is nothing left, or if your expenses exceed your income, it is time to sit down and seriously consider where you can cut back
Immigrants and Crime Immigrants and Crime: Out of the Melting Pot and into the Fire English 102.5 Research Project 1 Crime is inherent in our nature. When Eve took the bite of the apple it was the first sin, but whether in legend, religion or history, all evidence leads to the same thing: as long as there are laws or rules of any kind, there will be people to break them. As the saying goes, rules are meant to be broken. Crime has no limits whether in time or space, race or culture. It is the ultimate “given” in the
Insulin Infusion PumpInsulin Infusion Pump “There is a crisis of identity in public health. To ensure conditions in which people can be healthy we must work to change the underlying societal conditions. Public health has rarely been able to go beyond pointing at these larger issues such as poverty, economic globalization, and lack of political will.”1 - Jonathan Mann, 1997 Insulin infusion pump technology has been around for quite a few years but has been very slow to gain popularity among the diabetic community. In
Homosexual Couples Must Be Allowed to MarryHomosexual Couples Must Be Allowed to Marry I do. Two simple words that can change lives. For most people, the phrase conjures up images of a man and a woman being joined in marriage. But for gays and lesbians, having the chance to legally say I do is a far-off dream, not a reality. For years in other countries, same-sex couples have had their marriages federally recognized, but the unions of American homosexuals still go unrecognized by the United States government. Same-sex marriages deserve t
ArsonArson: Definition - Any willful or malicious burning or attempt to burn, with or without intent to defraud, a dwelling house, public building, motor vehicle or aircraft, personal property of another, etc. Arson: Why do people do it and how can we prevent it? Arson is a common, costly and complex problem in this country and around the world. Arson affects everyone, invading communities, threatening businesses and family security. Deliberate fire setting is the largest single cause of fires in the
DiamondsDiamonds Introduction The first diamonds were probably discovered in India, in around 800 B.C. The volcanic source of these diamonds was never discovered, but the alluvial deposits were rich enough to supply most of the world's diamonds until the 18th century, when dwindling Indian supplies probably spurred the exploration that led to the discovery of diamonds in Brazil, which became the next important diamond source. Beginning in l866, South Africa's massive diamond deposits were discovered, an
GlobalizationGlobalization We live in a time of worldwide change. What happens in one part of the world impacts people on all other sides of the world. People around the world are influenced by common developments. The term Globalization is used to describe this phenomenon. According to Harris, the term is being used in a variety of contexts. In a very broad context, media use it almost daily to refer to a wide variety of political, sociological, eviromental, and economic change. The business world, however,
International MarketingInternational Marketing A firmï¿½s international marketing program must generally be modified and adapted to foreign markets. This international marketing program uses strategies to accomplish its marketing goals. Within each foreign nation, the firm is likely to find a combination of marketing environment and target markets that are different from those of its own home country and other foreign countries. It is important that in international marketing, product, pricing, distribution and promot
Task Do the advantages outweigh the disadvantages of genetic engineeriTask: Do the advantages outweigh the disadvantages of genetic engineering with specific reference to GENERAL STUDIES Task: Do the advantages outweigh the disadvantages of genetic engineering with specific reference to Gattaca? Gattaca, a film, takes place in the near future, in a time when genetic engineering technology is used is used to create a perfect society. Gatttacaï¿½s main character, Vincent, is genetically inferior; he was conceived by natural birth, rather than genetically engineered,
The RainmakerThe Rainmaker The world is full of great novels. From Sherlock Holmes to the three musketeers. As the years progress more novels are written and more money is made. John Grisham is a rising star in literature. His books have enticed readers and has given the people something good to read. What makes his books great is that they are so realistic. He applies his personal law and trial knowledge into the books he writes. What it is about ? It was his last semester of law school. Rudy Baylor was ass
The word privateer conjures a romantic image in the minds of most AmThe word privateer conjures a romantic image in the minds of most Americans. Tales of battle and bounty pervade the folklore of privateering, which has become a cherished, if often overlooked part of our shared heritage. Legends were forged during the battle for American independence, and these men were understandably glorified as part of the formation of our national identity. The fact of the matter is that the vast majority of these men were common opportunists, if noteworthy naval warriors.
Poetry and UnityPoetry and Unity Carolyn Forche uses silence, speech and memory to show political and personal space exists in experience. Throughout The Country Between Us, Forche presents different stories of suffering, revealing the way politics intersects personal freedom, consciousness and behavior. As Forche reveals in her writing, people tend to forget that politics shades perceptions. In an interview by David Montenegro, Forche said: Sometimes, in the course of speaking about Central America, the subj
There are many issues in society today which are raised from either thThere are many issues in society today, which are raised from either the introduction or use of technology. Technology is an essential part life in modern day life. The fact that technology plays such an important part in life is a major reason why conflict and differences of opinions will always arise. This essay will attempt to look at six articles from different views of technology. Technology can help people live longer, protect the environment and many other great things. Technology can als
ROAD RAGE THE SCOURGE OF AMERICAS ROADWAYSROAD RAGE: THE SCOURGE OF AMERICA’S ROADWAYS Topic: Road Rage General Purpose: To convince Specific Purpose: To convince the audience to combat road rage by increasing driver awareness Thesis Statement: Road rage caused by aggressive driving tendencies is a growing epidemic affecting today’s roadways, but there is a solution. Ethos: Include myself in my statements. Pathos: Audience should feel horrified at the consequences of road rage. Logos: Cite statistics and research resources. Introduc
Auditors are responsible to evaluate the security and integrity of com Auditors are responsible to evaluate the security and integrity of computer based systems. Internal auditors are needed to ensure that there is sufficient control over personnel and departments within an organization. Such controls are needed in order to maintain data security and data integrity. Data integrity concerns the accuracy and reliability of data. Data security concerns the safety of data from unauthorized access. There are many threats to the accuracy of accounting data. Some of thes
AbstractAbstract The computer is considered one of the most technological advances of the twentieth century. As the general public becomes increasingly ‘computer literate,' the gap between technology and peoples' intellect notably shrinks. The readily available computers, software, and assorted output devices have enlightened many but, in turn, have increased the using of computers for unethical activities, privacy invasion and illegal purposes. Legal sanctions against abusive use of computers are a rea
COMPUTER SCIENCE COMPUTER SCIENCE COMPUTER SCIENTIST/PROGRAMMER The rapid spread of computers and computer-based technologies over the past two decades has generated a need for skilled, highly trained workers to design and develop hardware and software and to make computer systems newer and more advanced ones. Computer scientist generally design computers and conduct research to improve their design or use, and develop and adapt principles for applying computers to new uses. Computer scientist perform many of t