Class 1 (Chief Engineer) Engineering Management 📅 Dec 2023

Exam Question

(a) What are the types of losses in marine insurance? Define General Average Act as per York Antwerp Rules 1994? State the circumstances under which "General Average" can be declared. (8)

(b) Differentiate between express and implied warranties and give an example in each case with reference to ah hull and machinery policy of insurance (8)

Reference Answer

### Part (a): Marine Insurance Losses & General Average
#### Types of Losses in Marine Insurance
In the context of marine insurance, losses are broadly classified into two main categories: Total Loss and Partial Loss. These are further subdivided as follows:
1. **Total Loss**: This occurs when the subject matter insured is lost to such an extent that it is either completely gone or no longer a thing of its kind.

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