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Essay Details:
Essay text:
Marine insurance is a contract by which
one party for a specified consideration promises to pay another party a sum of
money on the loss of goods that are subject to marine transport. Therefore
marine insurance is a contract of indemnity, which is a contract of
reimbursement, and the amount redeemable is measured by the extent of the
assured's or the insured's financial loss. The terms and conditions of the
contract entered into with the insurer determine the amount of reimbursement
that is to be received by the insured.
A contract of marine insurance is embodied in a policy, which specifies:
"1- The name of the insured, or of some person who effects the insurance on his
behalf...
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