WebCh. 1.1: Definition: Insurance is a contract in which for a financial consideration, (called premium), the insurer incurs the risk of paying a large sum of money to the insured or to his legal representative on the happening of a contingency, or a specified event. WebMar 23, 2016 · Wallis JA described these two clauses as Inchmaree clauses as they extended the indemnity under the policy to situations beyond perils of the sea. The insurers relied on the following warranty, referred to as the Merchant Shipping Act warranty (the MSA warranty) which reads as follows:

Chapter 10 Ocean Marine Flashcards Quizlet

WebInchmaree was a steamship insured under a time policy, wherein the risks insured against included perils of the seas and ‘…all other perils, losses and misfortunes that have or … hill international kft

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WebDec 1, 2013 · Inchmaree Clause A customary provision in marine cargo policies for coverage from losses sustained because of bursting of boilers, breakage of shafts, latent defects in the hull or machinery of the ship, or errors in the navigation or management of the vessel....... WebAug 5, 2003 · The insuring clause, cl 2, retains the distinction between loss caused by perils for which the insurers are strictly liable and (under the Inchmaree Clause) loss caused by perils for which the insurers are liable only if the loss has not resulted from want of due diligence by the assured, owners or managers. WebThe Inchmaree clause is an ocean marine insurance provision adding coverage for damage directly resulting from the bursting of boilers, breakage of shafts, other mechanical … hill international inc. philadelphia pa