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Question

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Who have insurable interest in case of marine insurance policy ?

Solution

Under marine insurance, the following persons are deemed to have the insurable interest:

1. The owner of the ship,

2. The owner of the cargo.

3. A creditor who has advanced money on the security of the ship or cargo.

4. The master and crew of the ship.

5. A trustee holding any property in trust has insurable interest in respect of their wages.

6. In case of advance freight the person advancing the freight.

Tips: -

(Imp)

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Explain any three considerations which a business firm should take into account for choosing a suitable mode of transport.

Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?

How does the insurance distribute the loss ?

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Name the services included in postal services.

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