I need help creating a thesis and an outline on Marine Insurance: The Marine Insurance Act 1906. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Apart from this, the essay will then demonstrate the requirements for formulating marine insurance. Finally, the report will conclude by describing the consequences of breaching a contract.
Marine insurance acts as a cover for damages or losses due to hazards of the sea. Marine insurance is principally used for foreign trade (Publish Your Articles, n.d.). However marine insurance also covers the damage of ships, terminals, and cargos in which the goods are transported from the point of origin to the final destination. Marine insurance is an essential contract for importers, exporters, and traders who transport goods in a cargo ship from one place to the other (Tfab, 2008).
Marine insurance is also known as Maritime insurance is the oldest and well-developed insurance. Generally, there are four types of marine insurances namely Hull insurance, cargo insurance, freight insurance, and liability insurance. The insurance is only covered in case of any perils arising in the sea. The threats which get covered under this are fire, pirates, a war inside the sea, etc (King, 2008, p.4).
Eminent personalities like Justice Buller described the marine policy as an ‘absurd and incoherent instrument’. However, the introduction of the marine insurance act 1906 has brought about some consistency and standardization to the subject (Marine-Insurance-UK, n.d.). A marine insurance contract is defined as the contract where the insurer agrees to gives surety to the assured in the context of any marine loss (Business.gov.in, n.d). Section 29 of the marine insurance act is about floating or open insurance. A floating policy can be defined as a type of insurance where the insured value of the goods cannot be calculated precisely. Hence the premium for insuring them can be altered after a certain period of time (Cambridge Dictionaries Online, n.d.). The primary rationale behind the use of a floating policy is to facilitate the proprietors of the goods to undertake a number of consignments and each of them is to be covered under the policy.
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