Marine insurance underwriting requires knowledge of how trade both domestic and international is conducted. Some specific documents such as open covers and Marine Policy should be properly understood for Marine Insurance.
Insurance contracts are based upon the legal principle of uberrimae fides or utmost good faith.
The requirement of the insurable interest to be present only at the time of loss this makes a marine insurance policy freely assignable.
A contact of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured in the manner and the extent agreed upon.
The valuation by services removes the defects of memorandum clause which is used to free certain commodities from particular average and in the case of other commodities the damage has to amount to at least 5 per cent to become recoverable.
Marine Perils means the perils consequent on or incidental to the navigation of the sea.
The aim of doctrine of subrogation states that the insured should not get more than the actual loss or damage occurred in marine insurance.
A warranty is that by which the assured undertakes that some particular thing shall or shall not be done, or that some conditions shall be fulfilled or whereby he affirms or negatives the existence of a particular state of facts.
For marine insurance to be observed the understanding how proximate Cause principle is applied in marine insurance must be understood.
Marine insurance policy is issued only when the contract has been finalized and it would be legal documents of evidence of the contract. There are various types of marine policies