Insurance Article: Need for law of insurance in globalised world

The trade and commerce across the world has expanded due to economies of scales in the present world. The export and import of goods and services among various countries are smoothly carried out due to a large number of international conventions, which have given way to almost identical local laws in some fields being enacted by different nations (e.g., Marine Insurance Act – 1908 of UK or Marine Insurance Act – 1963 India).

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Under Insurance aspect with respect to Marine Cargo Policies Is sum insured average applicable to Marine Cargo Policies

Though Marine Cargo Policies are in principle devised on agreed valued basis, in policies covering especially second hand Machinery under Marine Policies, under Insurance or sum Insured average is quite applicable. A novel example is presented in this context pointing out where sum insured average is applicable in Marine Cargo Claims.

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Importance of documents in Marine Hull claims

From the age of Lloyds, who have introduced Marine branch as one of the branches of General Insurance Business, most of the Insurers do not prefer to underwrite Marine Hull business because of their claim experience. In most of the Marine Hull claims, the claims are not settled promptly because of inadequate documents collected from the insured’s.

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