Maritime Law

The value of many shipments depends upon fluctuations in the currency rates,
freight, handling charges, and other expenses. By means of insurance protection
will be provided to goods from any uncontrollable variables. A contract of
Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as:
"A contract whereby the insurer undertakes to indemnify the assured, in manner
and to the extent thereby agreed, against marine losses, that is to say, the
losses incident to marine adventure." The purpose of marine insurance is to
provide protection against financial loss for an amount, which is as close as
possible to the actual loss recognized. 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......

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Title: Maritime Law
Approximate Word Count: 1011
Approximate Pages: 5 (250 words per double-spaced page)

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