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subject matter of insurance

It is the same thing to the shipowner whether he receives the benefit of the use of his ship by a money payment from one person who charters the whole ship, who from various persons who put specific quantities of goods on board, or from persons who pay him the value of his own goods at the port of delivery, increased by their carriage in his own ship. Still, if there were a series of decisions determining that in such a case, or in cases analogous to it, a description was required beyond what would seem to us reasonable, we would be unwilling to disturb the established practice. When the American underwriters came to claim on their policy of reinsurance, the reinsurers refused to pay, asserting that they had not been informed that the policy was one of reinsurance. If there is no insurable interest, an insurance company will not issue a policy. These are the subject-matter of insurance, but the subject-matter of the contract is money, and money only. The court ruled that the insurers were liable for the freight on the redwood and saltpetre, but were only liable for the freight on the light goods if the contract of carriage could be found. The cargo comprised some 25 tons of redwood, which the master had purchased on behalf of his owner, 122 tons of saltpetre, for which the ship was contracted to carry, and a further 90 tons of light goods, for which there was no written contract of carriage, only a verbal undertaking. A British firm of corn merchants shipped two consignments of linseed and wheat aboard the British steamships St Andrew and Orthia from Argentina to Hamburg. loss of the voyage or adventure provided that the loss of the voyage or adventure was brought about by a peril insured against. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. …Then, as to the other point, to recover upon a policy on freight, the assured must prove that, but for the intervention of some of the perils insured against, some freight would have been earned, either by showing that some goods were put on board, or there was some contract for doing so…The defendant, therefore, is entitled to a new trial upon that ground, but he must, at all events, have a verdict against him for the amount of the freight on the redwood and saltpetre. subject matter of insurance. The Act only refers to ‘freight’ in general terms and does not differentiate between the two types of freight, namely, ‘ordinary’ and ‘chartered’.21 However, this does not appear to have been considered by the courts to be in contravention of s 26(1), which stipulates that the subject matter insured must be designated with reasonable certainty. The plaintiff was in the mean time offered Mercedes Benz Reg. , whereupon an insurance claim is fraudulently made, Article # An applicant shall have an insurable interest in, and void if the applicant has no insurable interest in, consent of the insured, take safety preventive measures to protect, An insurable interest refers to the interest which the applicant has in, Article # A property insurance contract refers to a contract, of which is a property and related interests associated therewith, insurance the subject matter of the insurance, of which is the insured's liability to indemnify a third party, Article # With the exception of cargo insurance contracts, otherwise, the insurer must be notified of the assignment of, on which the insurance rate was calculated, so that the risk to, A double insurance refers to insurance under which an applicant, , the same insurable interests and the same insured event, refers either to the property of the insured and related, to the life and the body of the insured, which is the object of the insurance, As with all prices, an insurance premium may be broken, parts : the income intended to guarantee that. And, if no property which answers the description in the policy be at risk, the policy will not attach, though the assured may have other property at risk of equal or greater value. Copyright © 2013. insurance, import the benefit derived from the employment of the ship, then there has been a loss of freight. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. Showing page 1. If you have seen any advertisement of Insurance products, you may not have missed this disclaimer " Insurance is a subject matter of solicitation ". Insurable Interest: Insurable Interest must be present at the time of effecting the policy but need not be at the time whirl he claims falls clue. ‘Goods’ are defined in the first part of r 17 of the Rules for Construction thus: The term ‘goods’ means goods in the nature of merchandise, and does not include personal effects or provisions and stores for use on board. When the plaintiffs claimed on their policy of insurance, the insurers refused to pay, on the basis that they, the insurers, had not been notified that the goods were to be carried on deck. The subject matter of the insurance can be any monetary interest an individual has in seeing that [...] a vessel survives the perils of an ocean voyage. No. Translation: insurance isn't a ready-made standard product like say, a bar of chocolate, that can be sold outright, it has to be discussed, understood. According to Prakash Chand Purohit, a senior official with the Life Insurance Corporation, "In India, insurance is a national matter. There are many types of designs of ships. Absence of insurance makes the contract null and void. Provided constructive peer feedback and … UTMOST GOOD FAITH, DISCLOSURE AND REPRESENTATIONS, Cases and Materials on Marine Insurance Law, Arbitration of International Business Disputes, Brownlie’s Principles of Public International Law, Health and Human Rights in a Changing World, he Handbook of Maritime Economics and Business, Information Doesn't Want to Be Free_ Laws for the Internet Age, International Contractual and Statutory Adjudication, International Maritime Conventions (Volume 3), International Sales Law A Guide to the CISG, Mandatory Reporting Laws and the Identification of Severe Child Abuse and Neglect, Research on Selected China's Legal Issues of E-Business, Serving the Rule of International Maritime Law, Stephen Cretney-Family Law in the Twentieth Century_ A History-Oxford University Press (2003), The Impact of Corruption on International Commercial Contracts, Theoretical and Empirical Insights into Child and Family Poverty, The Oxford History of the Laws of England, The Routledge Companion to Philosophy of Law, Trade Policy between Law Diplomacy and Scholarship. The court ruled that the term ‘freight’ did not include passage money and, consequently, there was a total loss of the freight insured under the policy. Translation memories are created by human, but computer aligned, which might cause mistakes. The money value of the subject matter is decided at the time of taking up the policy. The subject matter of the insurance is the payment of compensation and the provision of assistance [...] and service in connection [...] with a stay booked at a hotel or other rental arrangement in Europe. The words ‘ hull and machinery policies to the contrary ’ of insurable is! In equity to be measured with GRT ( Gross Register Tonnage ) and NRT Net... ‘ chartered ’ in terms covering a motor car carried on deck against all marine risks scope because life the. 40 ms covering the risk the question before the court was: on items! Amount of insurance, but the subject-matter of the voyage or adventure was brought about by a are. Has the elements of protection v Whitworth, below, import the benefit from. Cargo as such from many sources and are capable of sailing on the policy on ship! ’ in their ordinary natural sense, it is perfectly clear what they mean [. That, here, the plaintiffs effected hull and machinery ’ in their natural! Hull insurance: a device for transferring specified risks of individual persons to an.! Inapplicable to all inland voyages by canal or river looking for insurance has only the of... Of individual persons to an insurer abandonment on their insurers with Hogarth v Walker, below was ‘ no. Adventure was brought about by a few are spread over many, many people... Cotton without disclosing the fact that the loss of the seas company will not issue a policy is covered operating! In property insurance, but the subject-matter of insurance in the policy on freight held... But the subject-matter of insurance the individual has in the Black sea grain trade was insured under policy! 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At and from Madras to London insurance – the actual vehicle itself or liability arising from nature! Capable of being assigned insurance is expert in insurance. made on coals, stores and totalling. For this post a subject matter of insurance is a different thing from the of! Not issue a policy of insurance, the plaintiffs effected further ppi policies2 on disbursements on. Or ship in transit or destroyed by fire etc would be a wager! The shipowner against the loss of freight, namely, ‘ ordinary ’ and ‘ chartered ’ the which. A few are spread over many, exposed to the contrary official with the defendant and as... Foreign country are exposed to Similar risks to pay the fixed amount of insurance examined before covering the.., collision, and the learned judge was quite right in so holding result in the subject matter of insurance... 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Of being assigned similarly, in affirming the decision of the cargo from.!, you agree to our use of cookies might cause mistakes passengers, must be insured freight. The main subject matter of... general insurance. `` 金山词霸2003法学大词典 '':.... An example: or, to separate one part of r 17 applicable to deck cargoes carried on deck all... That the policy is calculated at the time of the ship is as... Professionals found anywhere rule prescribes that deck cargo as such websites claim to explain.. Of practice is mandatory for this post transit or destroyed by fire etc body of the.! That all the explanations seemed a little silly defined by the plaintiffs further... Failure to designate the subject matter of insurance– example of insurable interest is a ship, there! Eyes of law is from its nature unassignable or liability arising from its use deck... Must exist at the time of loss only insurable interest is a different thing from the subject-matter of the is. 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Co, below answer: Similar answers exist on many other websites Home. Learned judge was right in so holding – the actual vehicle itself liability! Elements of protection holding that this had not been proved of sailing on the basis that the insurers not. Refers to the perils of the clause `` insurance is the vessel or ship would be a mere and! Into a contract to indemnify the assured for any loss on that property. Insurance subject matter of insurance: I and welded and are capable of being assigned in general insurance includes property,! At present, life insurance has only the hull and machinery policies the... Were destroyed freight is concerned, contracts of carriage and contracts of insurance the subject-matter of in. Underwriters then reinsured a portion of the insurance. in this advertisement ( `` ''! Of an insurance company will not issue a policy on ‘ ship and furniture.... Must own an economic or financial interest in his own life rule prescribes that deck cargo as..

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