Page 296 - DMGT303_BANKING_AND_INSURANCE

Unit 14: Marine and Motor Insurance

Notes
Figure 14.1: Principles of Marine Insurance

Principles of Marine Insurance

Features of a General Contract
Insurable interest

Utmost Good Faith Indemnity

Subrogation Contribution

Warranties Causa proxima

Assignment and
Nomination of Policy

The following persons have insurable interest in Marine Insurance:
1. Owner of Ship
2. Owner of Cargo
3. Creditor who has advanced money on a Ship or Cargo to the extend of his interest in such
Ship or Cargo
4. Mortgager
5. Mortgagee

6. Master and crew - for wages
7. Bottomry bondholder
8. Person who pays advance freight is recoverable on loss

9. Shipper and their agents
10. Persons contingent interest such as the buyer, though the goods may be at seller's risk and
though he may have the right to reject the goods, but has paid.

11. Trustee
12. Bailee

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