Eligible Portfolio for the post of Subject Matter Expert emphasizes on skills such as – analytical thinking and logical thinking capacity, a thorough knowledge of the work area subject, managerial skills, networking skills, writing skills, and relevant computer competencies. The reason being, that the insurers have not entered into a contract to indemnify the assured for any loss on that other property. Hobhouse J: [p 417] …Freight insurance is concerned with the earnings or potential earnings of the vessel, not with the expenses of earning those sums. subject matter definition: 1. the things that are being talked or written about, or used as the subject of a piece of art…. Element: Life Insurance has the elements of protection and investment or both. When the plaintiffs claimed on their policy of insurance, the insurers refused to pay, on the basis that they, the insurers, had not been notified that the goods were to be carried on deck. 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. The main subject matter of an insurance contract is well defined by the common law in quite narrow and precise terms. Under an all risks policy of insurance, a consignment of wool from Chile to Bradford in England was damaged by water. 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. Goods, therefore, are restricted to those goods which are merchantable in the way of trade; ship’s provisions and stores as well as personal effects11 are excluded under the definition. This was confirmed in Denoon v Home and Colonial Assurance Co, below. I am satisfied that the words ‘hull and machinery’ cannot be taken as including those things which are covered by the ‘disbursement’ policies. It is equally possible that management is interested in the organisation’s financial reporting process and asks the practitioner to evaluate its report on internal control processes. If there is no insurable interest, an insurance company will not issue a policy. The interest the claimant has does not need to be an interest recognised in law or in equity. The Court of Appeal, however, ruled that, although the reinsurers had not been informed that the policy was one of reinsurance, it did not amount to the concealment of a material fact. English-Chinese law dictionary (法律英汉双解大词典). CHAPTER 2 THE SUBJECT MATTER OF INSURANCE THE SUBJECT MATTER OF INSURANCE 2.1 Anything in respect of which there is a risk of loss from maritime perils may be the subject of … Subject Matter Of Insurance In an insurance contract, the subject matter is the form of property, thing or possible liability insured (in which the insured has insurable interest) e.g. 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. 4. 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. The subject-matter is life in the life insurance, property, and goods in property insurance, liability, and adventure in general insurance. And, as s 3(2)(b) of the Act affirms, freight is insurable under a policy of marine insurance provided that the freight ‘…is endangered by the exposure of insurable property to maritime perils’. In the body of the policy it is stated that the insurance was ‘on motor car’, not stating that the car was to be carried on deck. Click to go to the #1 insurance … For example, the insured must be put to a loss if the goods are lost in transit or destroyed by fire etc. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. 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 secure an insurance policy one must have insurable interest which refers to the "current, legal and financial relationship" between the insured and subject matter of insurance a mare hope of having interest in future is not enough to be considered as insurable interest. Insurance and Insurable Interest Insurance: A device for transferring specified risks of individual persons to an insurer. The only result of the policy, if an accident which is within the insurance happens, is a payment of money. This is not an unreasonable supposition, as the rationale that there is an increase in hazard when goods are carried on deck on sea voyages applies with much less force in the case of inland voyages.13. All Rights Reserved by KnowledgeBase. The importance of complying with r 17 was illustrated in the case of Hood v West End Motor Car Packing Co [1917] 2 KB 38, CA, where the plaintiff instructed the defendants, who specialised in the packing of cars, to forward his motor car from London to Messina in Sicily. 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. It follows that the defence of breach of warranty cannot be maintained, and the learned judge was right in so holding. subject matter of insurance. Freight may be insured under a policy incorporating the Institute Time Clauses – Freight (1995) (ITCF(95))18 or the Institute Voyage Clauses – Freight (1995) (IVCF(95)).19. dispense with the specific description of deck cargo as such. Failure to designate the subject matter in the policy with reasonable certainty could be construed as non-disclosure of a material circumstance.1. Subdivision of Hull Insurance. Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast or with cargo. But if the term freight, as used in the policy of insurance, import the benefit derived from the employment of the ship, then there has been a loss of freight. Absence of insurance makes the contract null and void. But we do not find any such decisions. 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 … On arrival at Amsterdam, the goods were transhipped and stowed on the deck of a Rhine steamer in readiness for the canal and river passage. If you have any question you can ask below or enter what you are looking for! [p 42] …In all cases where the peculiar nature of the interest alters the risk, it may be properly said that such interest is the subject matter of the insurance; and at all events there is great force in the argument that the nature of that interest should be stated. Translation: insurance isn't a ready-made standard product like say, a bar of chocolate, that can be sold outright, it has to be discussed, understood. It then falls upon the insurer to prove that the loss fell within one of the exceptions in the policy for which he is not liable. Translation memories are created by human, but computer aligned, which might cause mistakes. The House of Lords ruled that the insurers were liable under the policy because the method of transportation by local steamers was common usage in the trade. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. And, in Ikerigi Compania Naviera SA v Palmer, ‘Wondrous’ [1991] 1 Lloyd’s Rep 400; aff’d [1992] 2 Lloyd’s Rep 566, CA, where a vessel was detained in Iran because of the non-payment of port dues and freight tax, at first instance, Hobhouse J had reason to consider the concept of freight.20. 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’. Insurable Interest: Insurable Interest must be present at the time of effecting the policy but need not be at the time whirl he claims falls clue. 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. Dallas CJ dubitante: [p 61] …The general principle of insurance, that the insured shall, in case of a loss, recover no more than an indemnity, may be controlled by a mercantile usage clearly established to the contrary: and usage, that the loss in an open policy on freight shall be adjusted on the gross, and not on the net amount of the freight, is a legal usage. Principal of utmost good faith: Under this insurance contract both the parties should have faith over … 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. When the vessel collided with a pier-head and severely damaged her bow section, where a large number of dunnage mats3 and separation cloths were stowed, the owners of the ship claimed on their policy for the loss of the dunnage mats and separation cloths which had floated away. The ppi policies on disbursements did not relate to the hull and machinery policies and, therefore, there was no breach of the warranty. There are two standard sets of Institute Hulls Clauses which may be employed with, and only with, the current Lloyd’s Marine Policy (MAR 91)4 and the Institute of London Underwriting Companies Marine Policy Form (MAR91).5, (a)   the Institute Time Clauses Hulls, 1/11/95 (ITCH(95));7, (b)   the Institute Voyage Clauses Hulls, 1/11/95 (IVCH(95)).8, All the Institute Clauses are unreservedly subject to English law and practice,9 but it should be noted that the ITCH(95) and the IVCH(95) are less favourable to the assured than the 1983 Clauses.10. (2)   In particular, there is a marine adventure where: (a)   any ship goods or other movables are exposed to maritime perils. The underwriters defended the action, on the basis that the dunnage mats and separation cloths were not covered by the policy. Clause 3.7 of the Institute War Clauses (Cargo) states: In no case shall this insurance cover…any claim based upon loss of or frustration of the voyage or adventure. Общая лексика: объект страхования (АД), (the) предмет стр (Example: The insured must have an insurable interest in the subject matter of insurance. ‘Goods’ are defined in the first part of r 17 of the Rules for Construction thus: The term ‘goods’ means goods in the nature of merchandise, and does not include personal effects or provisions and stores for use on board. The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). As the insurers refused to pay the claim, the plaintiff sued the defendants. 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. A cargo of cotton was insured by American underwriters for a voyage from New Orleans to Revel (now Tallin) in Estonia. The only result in the policy, if an accident which is within the insurance happens, is a payment of money. At present, life insurance enjoys maximum scope because life is the most important property of an individual. An assignment of the subject-matter of insurance by virtue of an agreement between the assured and the assignee may affect the validity of the policy by reason of the rule that the assured must at the date of the loss posses an insurable interest. My Lords, these provisions seem to me ample to support the conclusion at which I have arrived, that the Act of 1906 has not altered but has preserved 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. In Hull Insurance, the ship is insured against any type of danger. It is not concerned as such with the fact that the voyage took longer, nor with the fact that the costs of performing it were higher than expected. Hull Insurance: The goods or cargoes shipped to a foreign country are exposed to the perils of the seas. Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast or with cargo. However, Walton J was ‘by no means satisfied’ that the rule should apply to inland voyages by canal or river. Article # The insured shall observe all the regulations prescribed by the State with respect to fire prevention, safety, production, operations, any other regulations associated therewith, to maintain the safety of, If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation, insured event which occurs due to the increased risk to, the insurer shall obtain partial rights pertaining to, his/her contractual obligation to ensure the safety of, , the insurer has the right to request an, Article # The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for, insured event, and the extent of loss or damage to, increases during the period of the contract, then, accordance with the contract, promptly notify the insurer and the insurer shall have the right to increase the premium or terminate the contract, In accordance with the terms of the contract, the insurer may inspect, concerning its safety conditions and, within a reasonable time, propose reasonable written suggestions to the applicant or the insured to eliminate risks and latent problems undermining the safety of, may be agreed by the applicant and the insurer, and specified in the contract; or it may be assessed based on the actual value of, at the time of the occurrence of the insured event, insured's right of indemnity against the third party up to the amount of indemnity from the date when the amount of indemnity is made, subject matter to which the international application relates under the PCT. subject matter of the insurance translation in English - French Reverso dictionary, see also 'subject heading',subject matter',core subject',special subject', examples, definition, conjugation To this effect, s 26(1) of the Act states: The subject matter insured must be designated in a marine policy with reasonable certainty. These are the subject-matter of insurance, but the subject-matter of the contract is money, and money only. 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. …Then, as to the other point, to recover upon a policy on freight, the assured must prove that, but for the intervention of some of the perils insured against, some freight would have been earned, either by showing that some goods were put on board, or there was some contract for doing so…The defendant, therefore, is entitled to a new trial upon that ground, but he must, at all events, have a verdict against him for the amount of the freight on the redwood and saltpetre. In all other classes of insurance the subject-matter is capable of being assigned. 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. No. 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. Unlike the ICC (B) and (C), under the ICC (A), the claimant does not have to show how the loss occurred, only that it did occur. It was ingeniously argued that ‘hull and machinery’ in the case of a steam vessel means the ship, and that there is authority for saying that the word ‘ship’ covers ‘coal and stores’. 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. The subject matter information may, as in a financial statements audit, be the numerical information which is the outcome of the financial performance. The plaintiff was in the mean time offered Mercedes Benz Reg. Provided constructive peer feedback and … 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. Copyright © 2013. It does not, however, include stores for passengers. The Court of Appeal, in affirming the decision of the trial judge, ruled in favour of the plaintiff owners. 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. , 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. 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. Failure to designate the subject matter in the policy with reasonable certainty could be construed as non-disclosure of a material circumstance. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. Insurance policies are a safeguard against the uncertainties of life. 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. Translation for 'subject matter of the insurance' in the free English-German dictionary and many other German translations. Thus, the Act confirms that, because of the special nature and hazards which are commensurate with the carriage of deck cargo and living animals, they must be specifically insured as such unless there is ‘usage to the contrary’. One cannot take anything for granted in life. Insurance is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance without insurable interest would be a mere wager and as such unenforceable in the eyes of law. Found 210 sentences matching phrase "subject matter of the insurance".Found in 40 ms. Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." The term ‘movables’ is defined by s 90 of the Act thus: ‘Movables’ means any movable tangible property, other than the ship, and includes money, valuable securities, and other documents: That ‘movables’ are insurable under a policy of marine insurance is confirmed by s 3(2)(a) of the Act; the only proviso being that such movables ‘…are exposed to maritime perils’. Element: Marine insurance has only the clement of protection. 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. Lord Tenterden CJ: [p 48] …If it be a necessary ingredient in the composition of freight, that there should be a money compensation paid by one person to another, the benefit accruing to a shipowner from using his own ship to carry his own goods is not freight. tis-gdv.de. 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.

subject matter of insurance

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