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The subject matter is a ship, cargo or freight. But if the term freight, as used in the policy of insurance, import the benefit derived from the employment of the ship, then there has been a loss of freight. AL Smith LJ: [p 386] …What is the ordinary meaning of an insurance upon the ‘hull and machinery’ of a steamship? Rule 17 is very oddly worded, but it appears to me that, on its true reading, it leaves the law as to insurance of deck cargo very much as it was before the Marine Insurance Act was passed. 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. Subject matter of insurance dalam polis marine : kapal, muatannya atau bisa juga tanggung jawab pemilik kapal atas kecelakaan atau kerugian yang menimpa pihak ketiga. 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. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance. subject matter definition: 1. the things that are being talked or written about, or used as the subject of a piece of art…. the law upon this point as it stood before 1906, and that law was that, under a policy on goods at and from a port to a port, the venture, and not the goods merely, was the subject matter insured. Subject Matter of Insurance - Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. 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. Learn more. When the vessel collided with a pier-head and severely damaged her bow section, where a large number of dunnage mats3 and separation cloths were stowed, the owners of the ship claimed on their policy for the loss of the dunnage mats and separation cloths which had floated away. There are essentially two types of freight which may be earned by a ship with respect to a third party, namely: (a)   ordinary freight, often referred to as ‘bill of lading freight’; and. The insured must own an economic or financial interest whereby he will experience a financial loss if such loss occurs. A cargo of cotton was insured by American underwriters for a voyage from New Orleans to Revel (now Tallin) in Estonia. Failure to designate the subject matter in the policy with reasonable certainty could be construed as non-disclosure of a material circumstance. 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. 4. The Court of Appeal ruled that the risk of carrying a car on deck was not covered by the insurance policy and the defendants, who had agreed to insure the car as part of the contract with the plaintiff, were liable. However, a fire broke out, and many of the goods were destroyed. tis-gdv.de. , 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 subject of ‘freight’ can be confusing because, primarily, the payment of freight is concerned with contracts of carriage, not marine insurance. Lord Tenterden CJ: [p 48] …If it be a necessary ingredient in the composition of freight, that there should be a money compensation paid by one person to another, the benefit accruing to a shipowner from using his own ship to carry his own goods is not freight. [p 262] …I am by no means satisfied that the rule [referring to r 17] which exempts underwriters from liability for the loss of deck cargo applies to inland voyages by canal or river. The subject matter of hull insurance is the vessel or ship. The dictionary meaning of solicitation is " Ask For". When the plaintiff claimed on his policy on freight for the full amount, the insurers contended that their liability only amounted to the net freight—the amount that would have been payable by the cargo interests, less the charges the plaintiffs would have incurred in the event of the safe arrival of the ship (seamen’s wages, pilotage, light dues, tonnage duty and dock dues). For example, the insured must be put to a loss if the goods are lost in transit or destroyed by fire etc. insurance, import the benefit derived from the employment of the ship, then there has been a loss of freight. The freight on the ship Hope was insured by the plaintiff with the defendant insurers for a voyage at and from Madras to London. The insurers therefore rejected the claim on the policy of insurance made by the plaintiffs. So far from abrogating this designation of subject matter, I should have thought the Act took pains to preserve it and others like it. The court ruled that, as it was common practice for goods to be stowed on the deck of Rhine steamers and, therefore, as the goods need not be specifically insured, the insurers were liable under the policy. The Act only refers to ‘freight’ in general terms and does not differentiate between the two types of freight, namely, ‘ordinary’ and ‘chartered’.21 However, this does not appear to have been considered by the courts to be in contravention of s 26(1), which stipulates that the subject matter insured must be designated with reasonable certainty. 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. Marine Insurance. To secure an insurance policy one must have insurable interest which refers to the "current, legal and financial relationship" between the insured and subject matter of insurance a mare hope of having interest in future is not enough to be considered as insurable interest.

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