Foundering at Sea.- When a ship sinks at sea. She is presumed to have foundered at sea when she has not been heard of for a reasonable time after sailing or after she was last seen. General Average.-Contribution to make good a loss incurred for the common safety by all parties concerned in a maritime adventure. Hypothecation—is where the master of a vessel after having been driven into a foreign port mortgages, or, as it is termed, hypothecates the ship and freight in case of necessity for the purpose of completing the voyage in which he is engaged, and if necessary he is allowed to hypothecate the freight or cargo. This taking up money on bottomry enables him to obtain assistance when no other resource is at hand. It is to be observed that if these securities are given at different periods of a voyage, and the value of the ship is not sufficient to discharge them all, the last in point of date is entitled to priority of payment, because the last loan furnished the means of preserving the ship, and without it the former lenders would entirely have lost their security.— Abbott, 133, 9th ed. Jettison.-The act of throwing overboard part of the cargo to lighten the ship when stranded or in distress. Jetsam, Jetson, or Jotson.—Anything thrown overboard to lighten a ship, which is afterwards driven to shore by the waves. Lay days.-The number of days allowed for loading and unloading the ship. Ligan.-Heavy goods thrown into the sea and sunk, having a buoy or cork attached so that they may be found again. Respondentia. This species of maritime loan differs from bottomry in this namely, that whereas the latter is money advanced upon the vessel, respondentia signifies money lent, not upon the ship, but on the security of the goods or merchandise on board of her. Both these terms, however, may be applied not merely to the ship and goods, but also money lent on the bare hazard of the voyage itself. Salvage.-Compensation paid to persons rescuing or recovering ship or cargo or crew, or any part thereof, from wreck or imminent peril. Seaworthy—a relative term. When the ship is in a condition in all respects to render it reasonably safe where it happens to be at any particular time referred to, and well fitted and capable of performing the voyage contemplated. Stranding. When a ship takes the ground, not in the ordinary course of navigation, but by reason of some unforeseen accident (Mr. Justice Bayley), rendering the ship stationary. A "touch and go" is not stranding. Wreck-a ship broken up. Wreck by the Merchant Shipping Act includes jetsam, flotsam, ligan, and derelict. by whom it may be given. assured cannot by notice convert a partial into a total loss. Adjustment of claims under the policy in total losses under valued policies the value for "partial" loss under "open" and "valued" in the latter cases amount of loss must be proved evidence necessary to support a total loss claim 49 on general average made at port of discharge if port of discharge in foreign country general Alien enemy, property of cannot be insured Average distinction between general and particular 1918 53 41 14 37 see also "General" and " Particular" average Brokers, insurance usually effected through 11 responsible to the underwriters for premiums Brokers, shipowner liable to broker he employs lien of advantages of employing. disadvantages of employing usually settle and collect amount claimed for losses PAGE 11 12 52 Bottomry, bond money lent on, insurable cannot be recovered as total loss if ship exist in Claims in repect of risks covered by the policy 27 18 36 18 25 33 34 40 49 50 51 31 Collision, when underwriters liable for, under common policies 30 collision clause, effect of Lord Stowell's observations on the four classes of . 42 what relieves a shipowner from what proportion of loss paid by underwriters nor for cargo damaged on board ship belonging to extent of shipowner's liability Concealment of facts vitiates the policy Contributory values of ship freight and cargo to general average. Corporations and public companies may now insure Dead freight may be insured Declaration of goods shipped under open policy when to be made .. what it should contain risk should be endorsed on policy converts "open" into "valued" policy as regards goods declared for Deviation implied warranty vitiates the policy constructive total loss of, when evidence in support of claim for total loss of 47 17 33 35 49 names of, or their agent, must be inserted in policy 24 Insurers, who may be Insured, what may be 37-38 40 41 53 47-53 16 et seq. |
