The Policy of Marine Insurance Popularly Explained

The Policy of Marine Insurance Popularly Explained

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1872 edition. Excerpt: ... certainly understood in this sense as early as the 15th century; and, we can readily understand that it was imported into the Policy of Insurance and Bill of Lading with the same meaning, until finally, the idea of proportionate distribution implied in the term, gave rise to its modern signification of a "mean proportional. In conformity with the foregoing remarks, average should be defined, in relation to insurance, as a term applied to contributions levied upon underwriters to make good, either extraordinary expenditures or sacrifices incurred to rescue the whole adventure from extreme danger, or partial loss or damage sustained by ship, freight, or cargo from the proximate action of the perils insured against. Average is of two kinds, viz., General and Particular. General Average is a contribution payable generally by all the parties interested in a marine adventure to make good extraordinary expenditures or sacrifices voluntarily incurred to rescue the whole adventure from unusual danger. The towage into safety of a ship in distress, or the cutting away of masts to right a vessel thrown upon her beam ends, are familiar occasions of General Average. Particular Average is a contribution for partial loss or damage recoverable from the parties interested in some particular interest. Particular Average refers exclusively to partial loss or damage, and does not include particular charges. III. Charges are expenses applicable to a particular interest, as to the ship alone, or to the cargo alone. They are incidental to the two former species of loss; and the liability of an underwriter to contribute to them, is properly dependent upon his liability for the loss which has occasioned them, or to avoid which they have been incurred; and...show more

Product details

  • Paperback | 28 pages
  • 189 x 246 x 2mm | 68g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236788508
  • 9781236788504