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CLAIMS IN RESPECT OF RISKS COVERED BY THE POLICY:
Claims in respect of an absolute total loss
Claims in respect of a constructive total loss
Claims in respect of a general average loss.
Claims in respect of a particular average loss
Claims under the running down clause
Adjustment of claims under the policy
CONSIDERING the losses to which owners of ships as well as the owners of cargo carried in ships are liable, arising as many of them do from innumerable perils of the seas, uncontrolable by human power or foresight, the subject of Marine insurance is one that commands the most profound attention of all concerned in our maritime commerce. True it is that science has done much, and it is confidently anticipated will do much more, in foretelling the approach of the storm, and warning the mariner of impending danger, yet, as these special warnings can only be given to persons at or within reach of the coast they must necessarily be limited in their beneficial results when compared with the exigencies of those exposed to the perils of mid-ocean, whether such perils relate to a few scattered merchantmen or to the mighty fleet at sea.
But for marine insurance the shipowner or merchant might lose his all in one venture; for the purpose however of obviating this and of relieving the assured from a vast amount of anxiety and trouble, the underwriter
steps forward and in consideration of a fixed amount of money by way of premium, takes upon himself the risks incurred within certain specified limits. The process by which the amount of this premium is ascertained has not been arrived at until after long-extended and careful observations on the number of wrecks and casualties, the nature of them, the description of vessels chiefly subject to them, and the places where they most usually happen. The insurer and the assured are therefore mutually benefited by the contract. The insurer by the small profit he makes upon the venture, the assured by the freedom from anxiety and loss he incurs when insured, hence, considering the risks he runs, it is the duty, as it ought also to be deemed the privilege, of every prudent man to insure, so that if he fails in one adventure he may not be ruined for ever. A division of loss, like a division of labour, makes it endurable.
NATURE OF INSURANCE.
Marine insurance, like other kinds of insurance, is a contract entered into between two parties, the one being called the insurer and the other the assured.
The consideration for the contract is the premium paid by the assured to the insurer in respect of which the latter guarantees to indemnify the former from and against certain specified risks to which his property is exposed under certain specified circumstances.