As a consumer , this disclaimer/warning is of utmost importance but often ignored. Subject matter definition: The subject matter of something such as a book, lecture , film, or painting is the thing... | Meaning, pronunciation, translations and examples If you have any question you can ask below or enter what you are looking for! In a contract of wager all the parties does not have any interest in happening of the event other than the sum or stake him will win or lose. In Brough v Whitmore, the insurance was upon the ‘ship’ and the ‘furniture’ of the ship, and it was held that the policy covered provisions for the use of the crew…Here, however, the words used are ‘hull and machinery’, not ‘ship’, and in my opinion, the judgment of the learned judge was right. 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. Insurance is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Section 3 of the Marine Insurance Act 1906 declares that every lawful marine adventure’ may be insured, and the section then goes on to consider what may constitute a ‘marine adventure’: (1)   Subject to the provisions of this Act, every lawful marine adventure may be the subject of a contract of marine insurance. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. 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. Excellent presentation skills and extensive knowledge of the scope of practice is mandatory for this post. The issue of whether the general rule contained in r 17 regarding deck cargoes was inapplicable to all inland voyages was left open. Subject matter of contract is the insured’s financial interest in the subject matter of insurance. Failure to designate the subject matter in the policy with reasonable certainty could be construed as non-disclosure of a material circumstance.1. The subject matter of hull insurance is the vessel or ship. (2)   In particular, there is a marine adventure where: (a)   any ship goods or other movables are exposed to maritime perils. What may be insured as freight and, furthermore, when a policy on freight attaches, was clarified long ago in the old case of Flint v Flemyng, below. Copyright © 2013. Lord Esher MR: [p 384] …The defendant company have departed from the use of the word ‘ship’, and have used instead of it another term—‘hull and machinery’ – and we have to construe those words. Sometimes the value is calculated at the time of loss also. To this effect, s 26(1) of the Act states: The subject matter insured must be designated in a marine policy with reasonable certainty. So far from abrogating this designation of subject matter, I should have thought the Act took pains to preserve it and others like it. 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. The proposed narrow limitation: o exposes terms which clearly define the insured risk and the … between the two types of freight, namely, ‘ordinary’ and ‘chartered’. the subject matter of insurance and subject matter of contract. The money value of the subject matter is decided at the time of taking up the policy. Still, if there were a series of decisions determining that in such a case, or in cases analogous to it, a description was required beyond what would seem to us reasonable, we would be unwilling to disturb the established practice. the subject matter of Insurance examined before covering the risk. Translation for 'subject matter of the insurance' in the free English-German dictionary and many other German translations. As the insurers refused to pay the claim, the plaintiff sued the defendants. The subject-matter is life in the life insurance, property, and goods in property insurance, liability, and adventure in general insurance. That is, even though the goods remain physically intact and are still within the control and possession of the assured, the insurers may be liable for the loss of the voyage or adventure provided that the loss of the voyage or adventure was brought about by a peril insured against. Learn more. However, the plaintiffs effected further ppi policies2 on disbursements made on coals, stores and expenses totalling £2,600. The subject matter information may, as in a financial statements audit, be the numerical information which is the outcome of the financial performance. Goods may be insured under the Institute Cargo Clauses (A), (B) and (C).12 Whereas the ICC (B) and (C) provide cover for enumerated perils, the ICC (A) provides ‘all risks’ cover and, because of this, has the added and important advantage of making the burden of proof placed upon a claimant less rigorous. What is the meaning of the clause " Insurance is a subject matter of solicitation". The ‘usage to the contrary’ was therefore established, and there was no necessity to ensure [insure] the bales specifically as for carriage on deck. An insurable interest must exist at the time of the purchase of the insurance. 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. judge was quite right in holding that this had not been proved. Has it then been proved that these words have, as between assurer and assured, universally acquired a meaning different from their natural meaning? 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. That the word ‘usage’ refers to the usage in a particular trade, and not to the usage in insurance, was confirmed by the House of Lords in British and Foreign Marine Insurance Co v Gaunt, below. The matter was reported to the defendant and registered as claim No. Hull Insurance: The goods or cargoes shipped to a foreign country are exposed to the perils of the seas. A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. Click to go to the #1 insurance … Quick summary: This phrase means that "the product being sold in this advertisement ("solicitation") is insurance." 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. 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. A general test appears to be that where the containers or packing materials are supplied by the owner of the goods and may also be considered, for practical purposes, as an integral part of the goods, then the containers and packing materials should be included within the cover provided by the policy of insurance.14 Much, therefore, depends upon a question of construction of the policy. Indeed, the form of policies on freight was an issue bemoaned by Scott LJ in Kulukundis v Norwich Union Fire Insurance Society [1937] 1 KB 1, CA. Subject matter of insurance dalam polis marine : kapal, muatannya atau bisa juga tanggung jawab pemilik kapal atas kecelakaan atau kerugian yang menimpa pihak ketiga. This question was raised in Apollinaris Co v Nord Deutsche Insurance Co, below. The question is whether an ordinary Lloyd’s time policy on ship, the ship being engaged in the grain trade, covers separation cloths and dunnage mats. There are many types of designs of ships. The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance But we do not find any such decisions. 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. When Sandringham arrived off Mauritius, she was wrecked, and the cargo of rice totally lost, together with the freight payable. These are the subject-matter of insurance, but the subject-matter of the contract is money, and money only. Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being. The claimant stands, in relation to the subject matter of insurance, to benefit by its safety or suffer some prejudice by its loss. [p 657] …The words of this policy have for generations been understood and held by judges to designate not merely the goods, but also the adventure. Sometimes the value is calculated at the time of loss also. It does not, however, include stores for passengers. Therefore, they must be regarded as forming part of her furniture. However, Viscount Finlay, in his speech, analysed r 17 in depth. Such a usage may be fairly described as ‘a usage to the contrary’. The Institute War Clauses (Cargo)—the frustration clause. Subject matter definition: The subject matter of something such as a book, lecture , film, or painting is the thing... | Meaning, pronunciation, translations and examples Insurance and Insurable Interest Property Insurance. 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. The dictionary meaning of solicitation is " Ask For". Taking the words ‘hull and machinery’ in their ordinary natural sense, it is perfectly clear what they mean. The only result in the policy, if an accident which is within the insurance happens, is a payment of money. The main subject matter of an insurance contract is well defined by the common law in quite narrow and precise terms. 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. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 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’. The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). Liability insurance refers to an insurance the subject matter of the insurance of which is the insured's liability to indemnify a third party pursuant to laws a material reduction occurred in the insured value of the subject matter of the insurance 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. (Перевод: У страхователя должен быть страховой интерес в предмете страхования.) A separately insured item will be an actual total loss when the subject matter of insurance is destroyed or where the Policyholder is irretrievably deprived of the subject matter of insurance.. The subject of ‘freight’ can be confusing because, primarily, the payment of freight is concerned with contracts of carriage, not marine insurance. No. The plaintiffs insured a variety of goods with the defendants against all risks for a voyage from London to Amsterdam and thence up the River Rhine to Neuenahr. The court ruled that the owners could recover under the policy because the insurance was on ‘ship and furniture’. 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. 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. The insurance which protects the shipowner against the loss of the ship is known as hull insurance. 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’. UTMOST GOOD FAITH, DISCLOSURE AND REPRESENTATIONS, Cases and Materials on Marine Insurance Law, Arbitration of International Business Disputes, Brownlie’s Principles of Public International Law, Health and Human Rights in a Changing World, he Handbook of Maritime Economics and Business, Information Doesn't Want to Be Free_ Laws for the Internet Age, International Contractual and Statutory Adjudication, International Maritime Conventions (Volume 3), International Sales Law A Guide to the CISG, Mandatory Reporting Laws and the Identification of Severe Child Abuse and Neglect, Research on Selected China's Legal Issues of E-Business, Serving the Rule of International Maritime Law, Stephen Cretney-Family Law in the Twentieth Century_ A History-Oxford University Press (2003), The Impact of Corruption on International Commercial Contracts, Theoretical and Empirical Insights into Child and Family Poverty, The Oxford History of the Laws of England, The Routledge Companion to Philosophy of Law, Trade Policy between Law Diplomacy and Scholarship. It is generally described very concisely as being so much ‘on ship’, ‘on goods’, ‘on freight’, ‘on profits on goods’, ‘on advances on coolies’, ‘on emigrant money’, and many other examples might be given. The plaintiff was in the mean time offered Mercedes Benz Reg. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance. However, I found that all the explanations seemed a little silly. Before any of the cargo was loaded, Hope was lost by a peril insured against and the plaintiff claimed on his policy of insurance. Does it cover the coal on board, or the provisions and stores? However, freight is also an insurable subject matter and, therefore, relevant to marine insurance. The contingency is not a very probable one, but Parliament, if it considered the wording of this rule, may have thought that to provide against any possible usage to the contrary could do no harm and might conceivably be useful. loss of the voyage or adventure provided that the loss of the voyage or adventure was brought about by a peril insured against. Is r 17 applicable to deck cargoes carried on inland voyages? 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. 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’. 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. 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’. 4. 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. The ship is to be measured with GRT (Gross Register Tonnage) and NRT (Net Register Tonnage). The freight on the ship Hope was insured by the plaintiff with the defendant insurers for a voyage at and from Madras to London. The Insurance Regulatory and Development Authority has made it mandatory for insurance companies, agents and brokers to announce clearly in all their communication that insurance is the subject matter of solicitation. The subject-matter of insurance is a different thing from the subject-matter of the contract of insurance…. Insurance without insurable interest would be a mere wager and as such unenforceable in the eyes of law. 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. Walton J: [p 261] …the same gentleman [a Dutch lawyer] who proved the Dutch law also proved that deck cargoes are very commonly carried on the Rhine steamers, and I understood from his evidence that the usual form of bill of lading used by the Rhine steamers gives express liberty to stow cargo on deck…I have come to the conclusion that it is, and has been for many years, the practice and usage to carry deck cargoes on Rhine steamers plying from Amsterdam…The fact that the shipowners undertake a greater liability for cargo on deck than for cargo carried under deck does not appear to me to affect the question as between the assured and the underwriters. What is the meaning of the provision that deck cargo and living animals ‘must be insured specifically?’ I think ‘specifically’ in this connection means ‘as such’. Translation memories are created by human, but computer aligned, which might cause mistakes.
2020 subject matter of insurance