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On insurance matters



Marine insurance is a branch of commerce with long history. According to the insurance contract, called a policy, the insurer undertakes to indemnify the assured against marine losses. This contract of indemnity is usually based on values in advance which may be greater or less than the values actually at risk.

In consideration of payment of "premium" the underwriter agrees to indemnify the assured against loss or damage caused by perils of the seas, fire, war perils, pirates, thieves, captures, jettisons and any other perils, either of the like kind or which may be designated by the policy.

Insurance matters require profound juridical knowledge. For instance, losses by fire are normally recoverable under the policy. The policy does not however, cover cargo fired by spontaneous combustion if the underwriter can prove that the cargo was shipped- in a condition likely to give rise to spontaneous combustion. There would be a loss due to inherent vice of goods which is not a peril insured against. Moreover, if the assured knew that the goods were shipped in an improper condition and he failed to disclose that fact to the underwriter, the latter would have the further reason for repudiating liability that there had been concealment of material fact. If spontaneous combustion of one parcel of cargo caused damage to another parcel of a different kind, the latter damage would be covered by the policy.

When an accident occurs the Insurance Company dispatches an insurance inspector to investigate the case which lays grounds for legal decision. An. insurance claim is satisfied when all the rules are complied with and rejected when the claim is not sufficiently supported.

II. NOTES:

to witness - заверять, быть свидетелем

obligation - обязательство

to mortgage - закладывать

policy - страховой полис

assured - застрахованный; лицо или группа лиц, в пользу которых выписан страховой полис

III. ANSWER THE FOLLOWING QUESTIONS:

1. What insurance companies do you know?

2. How is the insurance contract called?

3. What do insurance matters require?

4. What does the insurance policy cover?

5. What does the insurance inspector do?





Дата публикования: 2015-09-18; Прочитано: 245 | Нарушение авторского права страницы | Мы поможем в написании вашей работы!



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