Common Contracts
1 similar Marine Insurance Agreement contracts
UNIT – 5Marine Insurance Agreement • April 1st, 2020
INTRODUCTION This is the oldest branch of Insurance and is closely linked to the practice of Bottomry which has been referred to in the ancient records of Babylonians and the code of Hammurabi way back in B.C.2250. Manufacturers of goods advanced their material to traders who gave them receipts for the materials and a rate of interest was agreed upon. If the trader was robbed during the journey, he would be freed from the debt but if he came back, he would pay both the value of the materials and the interest. The first known Marine Insurance agreement was executed in Genoa on 13/10/1347 and marine Insurance was legally regulated in 1369 there. Marine Insurance Cargo Hull 2.1 OBJECTIVES z Know the meaning of Marine insurance z Buy the Marine insurance z Settle the claim under Marine Insurance z Know the inland transit/overseas transit. z Know what is not covered under Marine insurance.
