The plaintiff was in the mean time offered Mercedes Benz Reg. , 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. Liability insurance refers to an insurance the subject matter of the insurance of which is the insured's liability to indemnify a third party pursuant to laws a material reduction occurred in the insured value of the subject matter of the insurance This was confirmed in Denoon v Home and Colonial Assurance Co, below. Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 Excellent presentation skills and extensive knowledge of the scope of practice is mandatory for this post. 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. 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 ship is a very important subject matter of marine insurance. In all other classes of insurance the subject-matter is capable of being assigned. Looking for information on Subject of Insurance? If you have any question you can ask below or enter what you are looking for! The subject matter of the insurance is the payment of compensation and the provision of assistance [...] and service in connection [...] with a stay booked at a hotel or other rental arrangement in Europe. I’ve always wondered why every insurance ad states, “Insurance is the Subject Matter of Solicitation,” and what exactly does this statement mean. I cannot adopt the appellants’ contention that the usage must be a usage not in the carrying trade with regard to such goods, but in the insurance world with reference to the manner in which they are to be described for insurance purposes. Lastly, s 91(2) enacts that the rules of the common law, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to contracts of marine insurance. If you have seen any advertisement of Insurance products, you may not have missed this disclaimer " Insurance is a subject matter of solicitation ". subject matter of the insurance translation in English - French Reverso dictionary, see also 'subject heading',subject matter',core subject',special subject', examples, definition, conjugation In fact, you could search the internet for hours and find articles and articl… 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 Institute War Clauses (Cargo)—the frustration clause. 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. Thus, where freight is concerned, contracts of carriage and contracts of insurance, though separate issues, are closely related. English-Chinese law dictionary (法律英汉双解大词典). 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. 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. ADVERTISEMENTS: There is one exception to the principle of indemnity in marine insurance. Subject matter definition: The subject matter of something such as a book, lecture , film, or painting is the thing... | Meaning, pronunciation, translations and examples 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. If there is no insurable interest, an insurance company will not issue a policy. Insurance and Insurable Interest Subject Matter of Insurance is expert in insurance domain business. The second part of r 17 of the Rules for Construction affirms that: In the absence of any usage to the contrary, deck cargo and living animals must be insured specifically, and not under the general denomination of goods. the subject matter of insurance and subject matter of contract. The subject matter of hull insurance is the vessel or ship. Found 210 sentences matching phrase "subject matter of the insurance".Found in 40 ms. 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The claimant stands, in relation to the subject matter of insurance, to benefit by its safety or suffer some prejudice by its loss. Following the House of Lords’ decision in the Sunday case, above, where insurers were held to be liable, under a policy on goods, for the loss of the venture itself because it was caused by the restraint of princes, an insured peril, a frustration clause was introduced into the Institute War Clauses (Cargo)17 to ensure that insurers are now excepted from such liability. Under this principle of insurance, the insured must have interest in the subject matter of the insurance. Cookies help us deliver our services. 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. When Sandringham arrived off Mauritius, she was wrecked, and the cargo of rice totally lost, together with the freight payable. Thus, it is not necessary in the case of reinsurance for the policy to stipulate that it is in fact a policy of reinsurance. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. Общая лексика: объект страхования (АД), (the) предмет стр (Example: The insured must have an insurable interest in the subject matter of insurance. Insurance is a system by which the losses suffered by a few are spread over many, exposed to similar risks. The freight on the ship Hope was insured by the plaintiff with the defendant insurers for a voyage at and from Madras to London. 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. Any such construction of r 17 would bring it into acute conflict with the law as to insurance of deck cargo as it existed up to 1906, and is not, in my opinion, warranted by the wording of the rule. To this effect, s 26(1) of the Act states: The subject matter insured must be designated in a marine policy with reasonable certainty. 4. AL Smith LJ: [p 386] …What is the ordinary meaning of an insurance upon the ‘hull and machinery’ of a steamship? 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. So far from abrogating this designation of subject matter, I should have thought the Act took pains to preserve it and others like it. 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. 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.. 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. 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. (Перевод: У страхователя должен быть страховой интерес в предмете страхования.) The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. 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. It is generally described very concisely as being so much ‘on ship’, ‘on goods’, ‘on freight’, ‘on profits on goods’, ‘on advances on coolies’, ‘on emigrant money’, and many other examples might be given. As the insurers refused to pay the claim, the plaintiff sued the defendants. The court ruled that the term ‘freight’ did not include passage money and, consequently, there was a total loss of the freight insured under the policy. A British firm of corn merchants shipped two consignments of linseed and wheat aboard the British steamships St Andrew and Orthia from Argentina to Hamburg. What constitutes a ‘ship’ is determined by r 15 of the Rules for Construction, which states: The term ‘ship’ includes the hull, materials and outfit, stores and provisions for the officers and crew, and, in the case of vessels engaged in a special trade, the ordinary fittings requisite for the trade, and also, in the case of a steamship, the machinery, boilers, and coals and engine stores, if owned by the assured. The subject matter is a ship, cargo or freight. That is, even though the goods remain physically intact and are still within the control and possession of the assured, the insurers may be liable for the loss of the voyage or adventure provided that the loss of the voyage or adventure was brought about by a peril insured against. The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). Principal of utmost good faith: Under this insurance contract both the parties should have faith over … Subject matter of insurance– Example of insurable interest is the interest which an individual has in the property which he owns. The ship is a very important subject matter of marine insurance. 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. If there is such a usage, there is no reason for requiring a statement that goods which fall within it are, in fact, to be carried on deck, as the mere description of the goods gives the necessary information. At present, life insurance enjoys maximum scope because life is the most important property of an individual. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation. Indeed, the form of policies on freight was an issue bemoaned by Scott LJ in Kulukundis v Norwich Union Fire Insurance Society [1937] 1 KB 1, CA. Because a Google search revealed that many, many websites claim to explain this. The ship exposes a number of risks like a cyclone, collision, and arrest by foreign naval power. 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. In my opinion, the learned judge was quite right in holding that this had not been proved. 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. 4. One cannot take anything for granted in life. No. For example, the insured must be put to a loss if the goods are lost in transit or destroyed by fire etc. MC/0092/DIR/13. Both are intended for the same purpose—namely, to separate one part of the cargo from another. The subject-matter of insurance is a different thing from the subject-matter of the contract 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. The ‘usage to the contrary’ was therefore established, and there was no necessity to ensure [insure] the bales specifically as for carriage on deck. 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