Summary |
This book deals exclusively with Marine Insurance. Although to a certain extent it is complete in itself, it should be read in conjunction with the first volume in this series, especially with regard to such matters as to the construction of the policy, the premium, the doctrine of proximate cause, and the rights, duties and authority of insurance agents and brokers.
Marine Insurance is a contract of indemnity. Contracts in the nature of wagering or gaming are void, and, as in other types of insurance, it is essential for the assured to have an insurable interest in the subject-matter insured.
Where a marine insurance broker is employed to effect the policy, he has certain duties to perform.
The assured must disclose to the insurers all material facts, and must not make any misrepresentations during the negotiations for the contract. He must pay the premium, and the insurer must issue the policy when the premium has been paid or tendered.
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