Where both maritime and non- maritime obligations are involved, admiralty jurisdiction will generally be denied, unless the maritime part can be separated from the rest of the policy . The nature of Marine Insurance is described as ‘Uberrimae fidei’ which means utmost good faith. If any of the party involved in the contract observes no good faith, then the contract can be avoided. As defined in the Marine Insurance Act 1906, the clauses related to the disclosure of information by assured and disclosure by agent effecting insurance are as follows: Disclosure by Assured : 1) It is liable on the assured to disclose all the information and material circumstance before concluding the contract. The assured in returns need to know every circumstance which, in the ordinary course of business, ought to be known by him. If the assured fails to make such disclosure, the insurer may avoid the contract. 2) The premium is fixed by the insurer taking into consideration every material. 3) In the absence of inquiry the following circumstances need not be disclosed : a) In which there is a reduction of the risk involved. b) In which presumption to know general information is required. c) In circumstances in which information is given by the insurer; d) any circumstance which it is superfluous to disclose by reason of any express or implied warranty 4) For any circumstance, being material or not, which is not disclosed becomes a question of fact 5) The term circumstance here refers to any communication made to or received by the assured.
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Marine Insurance enables an entity or a person to be indemnified in respect of any loss caused due to the damage to one’s ship or cargo etc, by an accident which is always a probable threat in sea voyages. In the given case, the loss is caused due to damage to two ships, a pier and 20,000 tonnes of cargo each belonging to different parties.
Second primary source of this law is the case law formed by precedents. Precedents are the decisions for cases having specific circumstances and these decisions bind the judges to adjudge the future similar cases in the same manner. There are also some precedents that are not binding on the judges but can be used for guidance.
Admiralty Law Facts On 1 February 2012, an oil tanker known as The North Star operated and owned by Poseidon Ltd, is grounded a mile near the port of Swansea. The tanker broke up and started leaking crude oil into the sea. The leak is then washed up on the beaches surrounding Swansea.
Uberrimae Fides in Marine Insurance.
Uberrima Fides is a Latin name by origin which is now frequently used in law documents, especially in insurance contracts. Its English translation is ‘Utmost Good Faith’1. The word was first used by the British Marines some centuries ago, however, in the recent times it is again gaining recognition and now the insurance companies dealing in marines required the reassurance of Uberrima Fides 2.
Cargo carried by both ships has also been partly damaged. Parts of both ships have also been damaged. MV Puffin’s oil tanks have not been damaged and there is no flooding. Therefore, it is proceeding to Singapore for repairs, and it will request tug assistance on arrival.
Marine cargo insurance is a sub-branch of the marine insurance that takes care of the cargo regardless of whether the cargo belongs to the carrier or to a different party. If the corporation that owns the cargo is different from the carrier of the cargo, marine cargo insurance compensates the owner of the damaged cargo in case some damages occur on the cargo.
According to the report for admiralty, an insurance contract must be wholly maritime. Where both maritime and non- maritime obligations are involved, admiralty jurisdiction will generally be denied, unless the maritime part can be separated from the rest of the policy. The nature of Marine Insurance is described as ‘Uberrimae fidei.
Old Bucket broke free from the oil feeder ship and proceeded to drift into port, threatening to collide with other vessels anchored at the marina. At this, the crew of a tugboat in the area sprung into action.
discussion within this paper also comprises required particulars during the contracts of the policy in terms of export and import transaction of a manufacturing organization of electrical appliances. In addition, the paper has also defined various impacts of MIA from the
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