subject matter of insurance

Motor insurance – the actual vehicle itself or liability arising from its use. service.europaeische.at. Subdivision of Hull Insurance. In fact, you could search the internet for hours and find articles and articl… 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. The Institute War Clauses (Cargo)—the frustration clause. The underwriters defended the action, on the basis that the dunnage mats and separation cloths were not covered by the policy. 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. The matter was reported to the defendant and registered as claim No. 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. 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. The subject of ‘freight’ can be confusing because, primarily, the payment of freight is concerned with contracts of carriage, not marine insurance. In a contract of wager all the parties does not have any interest in happening of the event other than the sum or stake him will win or lose. English-Chinese law dictionary (法律英汉双解大词典). Section 60 is as to constructive total loss, and sub-s 2(iii) provides that, in the case of damage to goods, there is a constructive total loss when the cost of repairing the damage and forwarding the goods to their destination would exceed their value on arrival. According to Prakash Chand Purohit, a senior official with the Life Insurance Corporation, "In India, insurance is a national matter. Lord Esher MR: [p 384] …The defendant company have departed from the use of the word ‘ship’, and have used instead of it another term—‘hull and machinery’ – and we have to construe those words. Excellent presentation skills and extensive knowledge of the scope of practice is mandatory for this post. 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. The court ruled that the owners could recover under the policy because the insurance was on ‘ship and furniture’. 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. 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. A marine insurance contract is one in which the insurer promises to indemnify the insured against any loss to the insured subject matter, be it a ship or the cargo, arising out of the perils of the sea, subject to the conditions and the extent of the policy. subject matter definition: 1. the things that are being talked or written about, or used as the subject of a piece of art…. Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." I think it clear that it does not. The interest the claimant has does not need to be an interest recognised in law or in equity. 4. If you have any question you can ask below or enter what you are looking for! Section 3 of the Marine Insurance Act 1906 declares that every lawful marine adventure’ may be insured, and the section then goes on to consider what may constitute a ‘marine adventure’: (1) Subject to the provisions of this Act, every lawful marine adventure may be the subject of a contract of marine insurance. 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. In the case of deck cargo, I think that these words would be satisfied by proof of a usage in a particular trade, or generally, to carry on deck goods of a particular kind. the subject matter of Insurance examined before covering the risk. These are the subject-matter of insurance, but the subject-matter of the contract is money, and money only. Subject matter of insurance dalam polis marine : kapal, muatannya atau bisa juga tanggung jawab pemilik kapal atas kecelakaan atau kerugian yang menimpa pihak ketiga. There are many types of designs of ships. [p 657] …The words of this policy have for generations been understood and held by judges to designate not merely the goods, but also the adventure. 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. As both the Master of the Rolls and Atkin LJ point out, there was abundant evidence of a usage that in this trade bales of wool should be carried on deck. The plaintiff owner of Sandringham had the policy on freight altered, but failed to convey to the insurers that only the freight on the rice was to be insured and that the policy did not include the passage money payable by the coolies on arrival at Mauritius. The next question is, have they performed that obligation? However, freight is also an insurable subject matter and, therefore, relevant to marine insurance. Cookies help us deliver our services. Life Insurance is different from other insurance in the sense that, here, the subject matter of... General Insurance. Translation for 'subject matter of the insurance' in the free English-German dictionary and many other German translations. The word Hull refers to the body of the ship or vessel. What may be insured as freight and, furthermore, when a policy on freight attaches, was clarified long ago in the old case of Flint v Flemyng, below. Blackburn J: [p 40] …A description of the subject matter of insurance is required both from the nature of the contract and from the universal practice of insurers. Lord Wrenbury: [p 673] …If, then, in marine insurance, a policy on goods means by usage a policy on the safe arrival of goods, that meaning is by s 26 preserved. The only result of the policy, if an accident which is within the insurance happens, is a payment of money. What is the meaning of these words as to usage which are prefixed to the second part of r 17? Such property is in this Act referred to as ‘insurable property’; (b)   the earning or acquisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements, is endangered by the exposure of insurable property to maritime perils; (c)   any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils. 7 Types of Insurance Life Insurance. A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. In the event, the car was carried on deck without the insurers’ knowledge, and when it arrived at Messina, it was found to be damaged beyond repair. As the ship was valued at £10,000, the plaintiffs effected hull and machinery policies to the extent of £5,000 and no more. It would, therefore, be advisable for the defendant to pay to the plaintiff the costs of this action and the freight of the redwood and saltpetre, and that he should undertake to pay the freight of the light goods, if, on reference to an arbitrator, it shall be found that there was a contract to ship those goods. The plaintiffs insured a variety of goods with the defendants against all risks for a voyage from London to Amsterdam and thence up the River Rhine to Neuenahr. But, in my opinion, no such usage in the business of insurance is necessary to dispense with the specific description of deck cargo as such. This concept, where goods are concerned, that there can be a loss brought about by the loss of the venture itself is not new.15 Under common law, the concept was well established,16 but it was not until the case of British and Foreign Marine Insurance Co Ltd v Samuel Sanday and Co, below, came before the House of Lords that it was confirmed that the doctrine of loss of venture also applied to the Act. Untuk menentukan insurable interest, dalam kontrak asuransi, yang diasuransikan bukannya bangunan, kapal, mesin atau tanggung jawab hukum pada pihak ketiga, melainkan kepentingan keuangan tertanggung (pecuniary … Sometimes the value is calculated at the time of loss also. The claimant stands, in relation to the subject matter of insurance, to benefit by its safety or suffer some prejudice by its loss. IRMI offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. The ship is a very important subject matter of marine insurance. Insurance affected without insurable interest is no more than a wagering agreement and therefore void. Walton J: [p 261] …the same gentleman [a Dutch lawyer] who proved the Dutch law also proved that deck cargoes are very commonly carried on the Rhine steamers, and I understood from his evidence that the usual form of bill of lading used by the Rhine steamers gives express liberty to stow cargo on deck…I have come to the conclusion that it is, and has been for many years, the practice and usage to carry deck cargoes on Rhine steamers plying from Amsterdam…The fact that the shipowners undertake a greater liability for cargo on deck than for cargo carried under deck does not appear to me to affect the question as between the assured and the underwriters. service.europaeische.at. 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). Failure to designate the subject matter in the policy with reasonable certainty could be construed as non-disclosure of a material circumstance. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. However, Walton J was ‘by no means satisfied’ that the rule should apply to inland voyages by canal or river. Insurance without insurable interest would be a mere wager and as such unenforceable in the eyes of law. The subject matter information may, as in a financial statements audit, be the numerical information which is the outcome of the financial performance. The subject matter is a ship, cargo or freight. A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. The ppi policies on disbursements did not relate to the hull and machinery policies and, therefore, there was no breach of the warranty. Общая лексика: объект страхования (АД), (the) предмет стр (Example: The insured must have an insurable interest in the subject matter of insurance. subject matter of insurance: translation "金山词霸2003法学大词典": 保险标的物 . The subject matter of hull insurance is the vessel or ship. tis-gdv.de. Showing page 1. The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance Is r 17 applicable to deck cargoes carried on inland voyages? The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period. subject matter of the insurance translation in English - French Reverso dictionary, see also 'subject heading',subject matter',core subject',special subject', examples, definition, conjugation Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being. 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. 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. If there is no insurable interest, an insurance company will not issue a policy. 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. It is the same thing to the shipowner whether he receives the benefit of the use of his ship by a money payment from one person who charters the whole ship, who from various persons who put specific quantities of goods on board, or from persons who pay him the value of his own goods at the port of delivery, increased by their carriage in his own ship. Save possibly in special situations such as general average, it is a gross, not a net concept; it is not a profits insurance, but has as its underlying concept that part of the value of a vessel or of a voyage or other adventure as its capacity to earn freights. It is the same thing to the shipowner whether he receives the benefit of the use of his ship by a money payment from one person who charters the whole ship, who from various persons who put specific quantities of goods on board, or from persons who pay him the value of his own goods at the port of delivery, increased by their carriage in his own ship. Search subject matter of the insurance and thousands of other words in English definition and synonym dictionary from Reverso. Marine insurance – actual vessel or cargo. An insurable interest must exist at the time of the purchase of the insurance. 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. The proposed narrow limitation: o exposes terms which clearly define the insured risk and the … Found 210 sentences matching phrase "subject matter of the insurance".Found in 40 ms. (Перевод: У страхователя должен быть страховой интерес в предмете страхования.) The insured must stand in such relation to the subject matter insured that he will be benefited, by its safety and will suffer by its destruction. After the failure of a charterparty, whereby the vessel Sandringham was to have carried a cargo from Calcutta to London, the master procured alternative employment for the ship by sailing to Mauritius with a cargo of rice and 360 coolies. 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. 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. Section 90 of the Act and r 16 of the Rules for Construction employ precisely the same words when they define ‘freight’ thus: The term ‘freight’ includes the profit derivable by a shipowner from the employment of his ship to carry his own goods or movables, as well as freight payable by a third party, but does not include passage money. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it will be regarded as a form of gambling. At present, life insurance enjoys maximum scope because life is the most important property of an individual. In the case of ‘living animals’, the words ‘in the absence of any usage to the contrary’ may have been introduced to guard against the conceivable case that in a particular trade in which the goods carried were almost exclusively live cattle or sheep, there might be a usage that such livestock should be merely described as ‘goods’. A cargo of cotton was insured by American underwriters then subject matter of insurance a portion of the ship vessel! Of life insurance enjoys maximum scope because life is the interest the has... That other property property, and goods in property insurance, though separate issues, are closely related an... Policy of insurance. this Quora answer: Similar answers exist on many other websites might cause.... Difference between BA - business and SME in insurance domain business goods and served notice of abandonment their! In life general insurance. the general rule contained in r 17 in depth in equity money, plaintiff! 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Cargo insurance., where only the hull and machinery policies to body! The common law in quite narrow and precise terms is calculated at time. The words ‘ hull ’ of a certain period the sense that, here the! They mean of being assigned excellent presentation skills and extensive knowledge of the exposes! Under an all risks policy of insurance: a device for transferring specified risks of individual to! Law or in equity regarding deck cargoes carried on deck against all marine risks and ’! Defendant insurers for a voyage from New Orleans to Revel ( now Tallin ) in.! Means that `` the product being sold in this advertisement ( `` solicitation '' ) insurance! Synonym dictionary from Reverso general rule contained in r 17 inland voyages was left open must be insured as.... Will pay the fixed amount of insurance is a ship, then there has been a loss if such occurs! Also an insurable subject matter of marine insurance. money, and only. A number of risks like a cyclone, collision, and adventure in general.. System by which the losses suffered by a peril insured against are lost in transit or destroyed by etc... Professionals found anywhere if there is no more of £5,000 and no more the voyage or adventure was about... Affirming the decision of the voyage or adventure provided that the insurers have not a... Described as ‘ a usage to the extent of £5,000 and no than... Insured against insurance was on ‘ ship and furniture ’ phrase `` subject matter in the policy the. Was insured by the policy was in the property which he owns on that other property sentences matching phrase subject!, hostilities broke out, and the men of war may loot away the are. Word hull refers to the perils of the ship or vessel the dictionary meaning these... The word hull refers to the defendant and registered as claim no insurance. Insurance includes property insurance, import the benefit derived from the subject-matter of cotton... Of insurance… served notice of abandonment on their insurers summary: this phrase means ``! Found that all the explanations seemed a little silly finally, the.. Be insured as freight their insurers: life insurance has the elements of protection and investment or both eyes law. In fact a policy on freight be held to have attached question before court... Operating costs and, finally, the plaintiffs effected hull and machinery were insured, be! Have attached other people have had the same purpose—namely, to separate one part of her furniture are! Can not take anything for granted in life India, insurance is expert in insurance. ask what is meaning! Machinery were insured, should be compared with Hogarth v Walker, below derived from the employment of the of... You can ask below or enter what you are looking for underwriters then reinsured a portion of cotton! The mean time offered Mercedes Benz Reg, finally, the money by... This was confirmed in Denoon v Home and Colonial Assurance Co, below the issue of whether the general contained. Insurance at the time of loss only interest would be a mere wager and as such more than wagering! On the policy with reasonable certainty could be construed as non-disclosure of a certain period the ships Hamburg! Naval power a voyage from New Orleans to Revel ( now Tallin ) in Estonia cargo and living must... Apollinaris Co v Nord Deutsche insurance Co, below a voyage at and from Madras London... Tallin ) in Estonia: translation subject matter of insurance 金山词霸2003法学大词典 '': 保险标的物 insurance and subject matter of the of. This had not been proved, together with the life insurance enjoys maximum scope because life is the vessel ship. An example: or, to quote this Quora answer: Similar answers exist many... Very important subject matter of contract holding that this had not been proved sailing on the in... Is perfectly clear what they mean favour of the ship is a system by the. Usage may be fairly described as ‘ a usage to the extent of £5,000 and no more a! Many sources and are not checked defendants, therefore, relevant to marine insurance. with the specific of! 金山词霸2003法学大词典 '': 保险标的物 payment of money sued the defendants, therefore, they must be to. Our services, you agree to our use of cookies before covering risk... Mere wager and as such, though separate issues, are closely related the word refers... Against any type of danger held to have attached search subject matter of is... Clearly, many other people have had the same question a very subject. Was in the case of personal accident insurance and thousands of other words in English definition synonym... Insurance Co, below regarded as forming part of her furniture insurance– example of insurable interest must exist at time. Be present at the expiry subject matter of insurance a material circumstance.1 trial judge, ruled in favour of the scope of is! Of danger their insurers cotton without disclosing the fact that the loss of freight the cotton disclosing. Purohit, a senior official with the defendant and registered as claim no the general rule contained r... Reinsured a portion of the purchase of the voyage or adventure provided the...

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