INTERNATIONAL COMMERCE

International Commerce



International Commerce

Introduction

Marine insurance has been defined as "a contract whereby one person (the insurer) agrees to indemnify another person (the insured) the injury suffered during a maritime expedition, which is a real loss of value through the payment of a premium, and compensation could not exceed the value of lost things (Butcher, 2008, p375)." The scope of insurance is extended in principle to all the risks of maritime activity. The nature of risk is the distinctive element of the contract of marine insurance, which covers not only the risks associated with travel or navigation, but all risks related to operations or jobs that involved the marine element, even in Where the activity does not develop in the sea such as insurance that covers the cargo after landing, or covering the vessel during its construction.

The principles of marine insurance are the same as those applied to other types of insurance, which includes two parts: the insured or policyholder who holds a security interest in relation to the insured for which it undertakes to pay a premium, and the insurer or insurance company on payment of a fee (premium) by the insured, agrees to indemnify against damage or expenses that may incur as a result of the occurrence of any of the risks insured, is i.e., the insurer assumes the risks associated with shipping (Butcher, 2008).

An important issue in the area of marine insurance is that of concealment. The marine insurance contract requires the highest degree of good faith, any distortion of fact, concealment or omission of an important circumstance that may influence the insurer for the acceptance of risk and setting premiums will cause the nullity of the policy. Therefore, requiring contractors to utmost good faith from the prestige, this is during the negotiations and the conclusion and of course during its execution. Good faith takes on significant importance with respect to the insured, as their duty to disclose to the insurer all objective and subjective circumstances necessary for the assessment of risks to be covered.

However, the principle under consideration is seen as a burden that has secured, as the information you provide when applying for coverage, depends on the enforceability of the provision it may have on the insurer. Also during the contract, true faith is manifested in loads of rescue and not to alter the state of risk, which were taken into account by the insurer when calculating the raw value of 12. The above principle appears in the English Marine Insurance Act of 1906, and has been embraced by various laws worldwide, and still in force in insurance. On the other hand, it is important to highlight the character of the insurance compensation, according to which the insured are entitled to compensation if you suffer damage or loss resulting from the occurrence of the risk that the insurer promised to protect him. "The compensation is then; compensation for damage under the policy, such damage should be measurable in order to determine objectively whether the ...