Question

An assured contests an indemnity claim of $15,000.00 for losses suffered under a Marine Insurance policy, which the underwriter declines on the defense that he (the insurer) had avoided the contract as a result of a breach of warranty on the part of the insured. The adjudication established and upheld the avoidance against the insured. Investigation however revealed that 65% of the loss occurred prior to the ascertained breach of warranty.

i. Determine whether or not the insured has a recoverable claim.

ii. If yes, what is the measure of the indemnity?

iii. Support your answer with the relevant marine insurance principle.

Answer 1

Page No (Date: 1 201 Ax > YES, the insured had a recoverable claim but not Full 100% becauses, according to Marine Insurance policy, the company will give only give only 85% of the insurance. 2) The measure of the indemnity that is the insurable value, or we can say the invoice value will be $ 15,000 x 65% $.9,750 3) The basic concept of Marine Insurance is taken from the Marine Insurance Act, 1963. As in all agement of Marine Insurance is dependent on the basic concept of Indemnity, Utmost Good Faith, Insurable Interest, Proximate cause, Subrogation and Contribution. It positively can retrieve in seespect de loss the "estimate of insurance.". In the case eta waethy policy, the estimate of insuraua is the worth specific by the policy which in broad terme, is the amount admit with the insurers. The claim in the insurance is analyzed officially of a claim for expected. (unascertained) harm coming speedily loss or harm to the cargo. on the matter of the