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subject matter of insurance

When the plaintiff claimed on his policy of insurance for the total loss of freight, the insurers contested the claim by claiming there was only a partial loss, as the passage money payable by the coolies must be included in the term ‘freight’ used in the policy. Does it cover the coal on board, or the provisions and stores? loss of the voyage or adventure provided that the loss of the voyage or adventure was brought about by a peril insured against. The main subject matter of an insurance contract is well defined by the common law in quite narrow and precise terms. It transpired that, before being loaded into the ocean going ship at Punta Arenas, in southern Chile, the wool had been carried on the decks of local steamers without the insurers being notified. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. ‘Goods’ are defined in the first part of r 17 of the Rules for Construction thus: The term ‘goods’ means goods in the nature of merchandise, and does not include personal effects or provisions and stores for use on board. Sometimes the value is calculated at the time of loss also. The Insurance Regulatory and Development Authority has made it mandatory for insurance companies, agents and brokers to announce clearly in all their communication that insurance is the subject matter of solicitation. That the word ‘usage’ refers to the usage in a particular trade, and not to the usage in insurance, was confirmed by the House of Lords in British and Foreign Marine Insurance Co v Gaunt, below. Insurable interest is essentially a pecuniary interest, i.e., the loss caused by fire happening of the insured risk must be capable of financial valuation. English-Chinese law dictionary (法律英汉双解大词典). The Insurance Regulatory and Development Authority has made it mandatory for insurance companies, agents and brokers to announce clearly in all their communication that insurance is the subject matter of solicitation. Subject matter of contract is the insured’s financial interest in the subject matter of insurance. It follows that the defence of breach of warranty cannot be maintained, and the learned judge was right in so holding. Provided constructive peer feedback and … Such property is in this Act referred to as ‘insurable property’; (b) the earnin… Translation: insurance isn’t a ready-made standard product like say, a bar of chocolate, that can be sold outright, it has to be discussed, understood. Thus, it is not necessary in the case of reinsurance for the policy to stipulate that it is in fact a policy of reinsurance. Subject matter definition: The subject matter of something such as a book, lecture , film, or painting is the thing... | Meaning, pronunciation, translations and examples Contact IRMI. The insurers therefore rejected the claim on the policy of insurance made by the plaintiffs. However, I found that all the explanations seemed a little silly. It is to be noted that a policy on ‘ship’ is an insurance of more than just the hull; it includes materials and stores necessary for the prosecution of the voyage as well as the engine room machinery, coals and stores. CHAPTER 2 THE SUBJECT MATTER OF INSURANCE THE SUBJECT MATTER OF INSURANCE 2.1 Anything in respect of which there is a risk of loss from maritime perils may be the subject of … The cargo comprised some 25 tons of redwood, which the master had purchased on behalf of his owner, 122 tons of saltpetre, for which the ship was contracted to carry, and a further 90 tons of light goods, for which there was no written contract of carriage, only a verbal undertaking. When Sandringham arrived off Mauritius, she was wrecked, and the cargo of rice totally lost, together with the freight payable. Subject Matter of Insurance - Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy. When goods are insured, they are insured not only against physical loss or damage, but also for a loss brought about by the loss of the voyage or adventure which has prevented the goods from reaching their destination. And, as s 3(2)(b) of the Act affirms, freight is insurable under a policy of marine insurance provided that the freight ‘…is endangered by the exposure of insurable property to maritime perils’. Before the ships reached Hamburg, hostilities broke out between Germany and Great Britain and both vessels were ordered into British ports. This was confirmed in Denoon v Home and Colonial Assurance Co, below. Unfortunately on 16/04/2013 and during the insurance contractual period, the subject matter of insurance was involved in an accident along Gulu-Kampala road at a place called Kakengere, whereof it caught fire and got damaged beyond repair. Marine Insurance. 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The interest the claimant has does not need to be an interest recognised in law or in equity. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. Search subject matter of the insurance and thousands of other words in English definition and synonym dictionary from Reverso. This question was raised in Apollinaris Co v Nord Deutsche Insurance Co, below. subject matter definition: 1. the things that are being talked or written about, or used as the subject of a piece of art…. The subject-matter is life in the life insurance, property, and goods in property insurance, liability, and adventure in general insurance. Insurable interest is a type of investment which protects the subject matter of insurance that are susceptible to financial losses. The ppi policies on disbursements did not relate to the hull and machinery policies and, therefore, there was no breach of the warranty. , whereupon an insurance claim is fraudulently made, Article # An applicant shall have an insurable interest in, and void if the applicant has no insurable interest in, consent of the insured, take safety preventive measures to protect, An insurable interest refers to the interest which the applicant has in, Article # A property insurance contract refers to a contract, of which is a property and related interests associated therewith, insurance the subject matter of the insurance, of which is the insured's liability to indemnify a third party, Article # With the exception of cargo insurance contracts, otherwise, the insurer must be notified of the assignment of, on which the insurance rate was calculated, so that the risk to, A double insurance refers to insurance under which an applicant, , the same insurable interests and the same insured event, refers either to the property of the insured and related, to the life and the body of the insured, which is the object of the insurance, As with all prices, an insurance premium may be broken, parts : the income intended to guarantee that. The reason being, that the insurers have not entered into a contract to indemnify the assured for any loss on that other property. MC/0092/DIR/13. The concluding words of the paragraph that deck cargo and livestock are not to be insured simply as goods appear to be quite unnecessary, but do not militate against the construction of the paragraph which I disposed to adopt. That is, the goods must have either have been placed on board the ship or there be in existence a contract of carriage relating to those goods. So far from abrogating this designation of subject matter, I should have thought the Act took pains to preserve it and others like it. However, a fire broke out, and many of the goods were destroyed. The word Hull refers to the body of the ship or vessel. What is the meaning of the provision that deck cargo and living animals ‘must be insured specifically?’ I think ‘specifically’ in this connection means ‘as such’. The matter was reported to the defendant and registered as claim No. The claimant stands, in relation to the subject matter of insurance, to benefit by its safety or suffer some prejudice by its loss. The contingency is not a very probable one, but Parliament, if it considered the wording of this rule, may have thought that to provide against any possible usage to the contrary could do no harm and might conceivably be useful. One cannot take anything for granted in life. It is not concerned as such with the fact that the voyage took longer, nor with the fact that the costs of performing it were higher than expected. Subject matter of insurance dalam polis marine : kapal, muatannya atau bisa juga tanggung jawab pemilik kapal atas kecelakaan atau kerugian yang menimpa pihak ketiga. Translation for 'subject matter of the insurance' in the free English-German dictionary and many other German translations. The ship is a very important subject matter of marine insurance. A cargo of cotton was insured by American underwriters for a voyage from New Orleans to Revel (now Tallin) in Estonia. Copyright © 2013. Willes J: [p 347] …Evidence was given on both sides to prove a customary use of the word ‘freight’ in the particular trade; but this evidence was insufficient to make out a binding usage either way. However, Viscount Finlay, in his speech, analysed r 17 in depth. subject matter of insurance. The subject-matter of insurance may be a house or other premises in a fire policy, or may be a ship or goods in a marine policy. Such a usage may be fairly described as ‘a usage to the contrary’. If you were to tell a sailor that the ‘hull’ of his ship included the provisions on board, he would be very much surprised; and so he would if he were told that the provisions were part of the ‘machinery’ of the ship. They come from many sources and are not checked. The ship is a very important subject matter of marine insurance. (2)   In particular, there is a marine adventure where: (a)   any ship goods or other movables are exposed to maritime perils. However, Walton J was ‘by no means satisfied’ that the rule should apply to inland voyages by canal or river. Click to go to the #1 insurance … Such a usage as to insurance may, of course, grow up in any trade in which deck carriage of certain articles prevails, and if such a usage in the business of insurance has grown up it will be a usage to the contrary. That the freight insured under an open policy is the gross freight and not the net freight was established in the old case of Palmer v Blackburn (1822) 1 Bing 61, where a vessel was lost on a voyage from the East Indies to London. This is what marks the difference between a wagering agreement and a contract of insurance because every contract of insurance requires for its validity the insurable interest. The freight on the ship Hope was insured by the plaintiff with the defendant insurers for a voyage at and from Madras to London. Under an all risks policy of insurance, a consignment of wool from Chile to Bradford in England was damaged by water. In an insurance context the main subject matter central to the provision of the insurance, is not just the item insured but the scope of cover provided in relation to that item. If you have any question you can ask below or enter what you are looking for! The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). I can see no distinction between them and movable bulkheads, which it was admitted by the defendants would form part of the ship’s furniture. In Brough v Whitmore, the insurance was upon the ‘ship’ and the ‘furniture’ of the ship, and it was held that the policy covered provisions for the use of the crew…Here, however, the words used are ‘hull and machinery’, not ‘ship’, and in my opinion, the judgment of the learned judge was right. The subject-matter of insurance in the case of personal accident insurance and life insurance is from its nature unassignable. Insurance without insurable interest would be a mere wager and as such unenforceable in the eyes of law. It appears, however, that the most frequent course is to describe passage money by a distinguishing term, and not merely as freight; and it was proved that, for insurance purposes, there is a distinction between freight and passage money, because the premium for the latter, upon a voyage from Calcutta to Mauritius, is generally less than that for the former; so that, as a matter of business, the not mentioning the subject upon the occasion of the insurance would indicate that the freight was probably intended to refer to merchandise. Scrutton LJ: [p 47] …Upon the true construction of the documents, I think that the defendants undertook the latter obligation, namely, to procure a policy against all risks except war risks. The question before the court was: on which items of cargo could the policy on freight be held to have attached? Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast or with cargo. In the case of ‘living animals’, the description must convey an intimation that the animals are alive and not mere carcasses, that is, if there is any ambiguity in the description, there must be added to it the word ‘live,’ or some equivalent expression. But we do not find any such decisions. Excellent presentation skills and extensive knowledge of the scope of practice is mandatory for this post. [p 42] …In all cases where the peculiar nature of the interest alters the risk, it may be properly said that such interest is the subject matter of the insurance; and at all events there is great force in the argument that the nature of that interest should be stated. An assignment of the subject-matter of insurance by virtue of an agreement between the assured and the assignee may affect the validity of the policy by reason of the rule that the assured must at the date of the loss posses an insurable interest. Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." Insurable interest is essentially a pecuniary interest, i.e., the loss caused by fire happening of the insured risk must be capable of financial valuation. In the case of deck cargo there must, in addition to the ordinary description of the goods, be an intimation in the policy that the goods are to be carried on deck, by inserting ‘for carriage on deck’, or other similar words. I am satisfied that the words ‘hull and machinery’ cannot be taken as including those things which are covered by the ‘disbursement’ policies. So you might ask what is the difference between BA - business and SME in insurance. The ‘usage to the contrary’ was therefore established, and there was no necessity to ensure [insure] the bales specifically as for carriage on deck. The subject of ‘freight’ can be confusing because, primarily, the payment of freight is concerned with contracts of carriage, not marine insurance. But in the case now before us, the nature of the interest of the parties assured in the cotton does not in the slightest degree vary the nature of the risk…The subject matter of insurance, viz, the cotton, is fully described, and there is no apparent reason which would make it just to require the nature of the interest to be described. If you have seen any advertisement of Insurance products, you may not have missed this disclaimer " Insurance is a subject matter of solicitation ". When the American underwriters came to claim on their policy of reinsurance, the reinsurers refused to pay, asserting that they had not been informed that the policy was one of reinsurance. There are, of course, special risks attached to deck cargo and live animals, and the rule is, I think, intended to secure that the underwriter must have express information of the existence of such risks ‘in the absence of any usage to the contrary’. It is equally possible that management is interested in the organisation’s financial reporting process and asks the practitioner to evaluate its report on internal control processes. When the plaintiffs claimed on their policy of insurance, the insurers refused to pay, on the basis that they, the insurers, had not been notified that the goods were to be carried on deck. The plaintiff owners of the steamship Oxenholme insured her ‘hull and machinery’ with the defendants under a time policy of insurance which contained a warranty that £5,000 was to be uninsured. (2) In particular, there is a marine adventure where: (a) any ship goods or other movables are exposed to maritime perils. The Insurance Regulatory and Development Authority has made it mandatory for insurance companies, agents and brokers to announce clearly in all their communication that insurance is the subject matter of … The question is whether an ordinary Lloyd’s time policy on ship, the ship being engaged in the grain trade, covers separation cloths and dunnage mats. This was well illustrated in Mackenzie v Whitworth, below. The pirates and the men of war may loot away the goods. Lord Tenterden confirmed that: (a) a shipowner was entitled to insure the freight due from a third party who charters the whole ship; (b) a shipowner was entitled to insure the freight payable by a third party who puts specific quantities of goods aboard the ship; and (c) a shipowner was entitled to insure as freight the increase in value of his own goods brought about by them being carried in his own ship. Subject Matter of Insurance - Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy. Subject matter of contract is the insured’s financial interest in the subject matter of insurance. The insured must own an economic or financial interest whereby he will experience a financial loss if such loss occurs. The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period. Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being. Thus, in keeping with s 3 of the Act, the following subject matter are insurable under a marine policy of insurance: The only stipulation made by the Act with respect to the nature of the subject matter insured is that it should be ‘designated with reasonable certainty’ in the marine policy. It seems clear that, under the ordinary circumstances of that trade, the use of such cloths and mats would be necessary for the proper carriage of the cargo, and that if the ship went to sea without them, she would be unseaworthy. At present, life insurance enjoys maximum scope because life is the most important property of an individual. Goods, therefore, are restricted to those goods which are merchantable in the way of trade; ship’s provisions and stores as well as personal effects11 are excluded under the definition. Is r 17 applicable to deck cargoes carried on inland voyages? The House of Lords ruled that the insurers were liable under the policy because the method of transportation by local steamers was common usage in the trade. The issue of whether the general rule contained in r 17 regarding deck cargoes was inapplicable to all inland voyages was left open. The subject matter of insurance is human life. Article # The insured shall observe all the regulations prescribed by the State with respect to fire prevention, safety, production, operations, any other regulations associated therewith, to maintain the safety of, If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation, insured event which occurs due to the increased risk to, the insurer shall obtain partial rights pertaining to, his/her contractual obligation to ensure the safety of, , the insurer has the right to request an, Article # The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for, insured event, and the extent of loss or damage to, increases during the period of the contract, then, accordance with the contract, promptly notify the insurer and the insurer shall have the right to increase the premium or terminate the contract, In accordance with the terms of the contract, the insurer may inspect, concerning its safety conditions and, within a reasonable time, propose reasonable written suggestions to the applicant or the insured to eliminate risks and latent problems undermining the safety of, may be agreed by the applicant and the insurer, and specified in the contract; or it may be assessed based on the actual value of, at the time of the occurrence of the insured event, insured's right of indemnity against the third party up to the amount of indemnity from the date when the amount of indemnity is made, subject matter to which the international application relates under the PCT. Thus, an insurance policy on a ‘ship’ is much more comprehensive than an insurance on ‘hull and machinery’, as was illustrated in Roddick v Indemnity Mutual Marine Insurance Co Ltd, below.

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