Exam Question
Discuss the Principles of Marine Insurance. Explain each of the principle with suitable examples.
Class 1 (Chief Engineer)
Engineering Management
📅 Mar 2021
Reference Answer
### The Principles of Marine Insurance
Marine insurance is a specialized contract designed to protect against losses arising from marine perils. Its operation is governed by a set of fundamental principles derived from contract law and maritime tradition, codified in legislation like the Marine Insurance Act 1906 (UK). A thorough understanding of these principles is essential for shipowners, charterers, and cargo interests.
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#### 1. Principle of Utmost Good Faith (Uberrimae Fidei)
Marine insurance is a specialized contract designed to protect against losses arising from marine perils. Its operation is governed by a set of fundamental principles derived from contract law and maritime tradition, codified in legislation like the Marine Insurance Act 1906 (UK). A thorough understanding of these principles is essential for shipowners, charterers, and cargo interests.
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#### 1. Principle of Utmost Good Faith (Uberrimae Fidei)
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