Sec 113 IC Eventual falsity of a representation as to expectation of belief and

Sec 113 ic eventual falsity of a representation as to

This preview shows page 22 - 30 out of 48 pages.

nature of the risk depends. (Sec 113, IC) Eventual falsity of a representation as to expectation of belief and not of positive facts does not avoid the policy in the absence of fraud. (Sec 114, IC) MISREPRESENTATION
Image of page 22

Subscribe to view the full document.

The following are implied warranties in marine insurance: The vessel is seaworthy. (Sec 115, IC) The vessel shall not make any improper voyage deviation from the agreed voyage. The vessel shall not engage in an illegal venture. The vessel shall carry the requisite documents to show its nationality or neutrality and shall not carry any document which cast reasonable suspicion on the vessel. (Sec 122, IC) These exist by the mere fact that a contract of insurance is entered into. IMPLIED WARRANTIES
Image of page 23
A ship is seaworthy when reasonably fit to perform the service and to encounter the ordinary perils of the voyage as contemplated by the parties. (Sec 116, IC) Seaworthiness is a relative term depending on the nature of the ship, the voyage, and the service in which she is at the time engaged. WHEN SHIP IS SEAWORTHY
Image of page 24

Subscribe to view the full document.

A warranty of seaworthiness extends not only to the condition of the structure of the ship itself but to the following: That the ship be properly laden or loaded with the cargo That the ship is manned by a competent master and a sufficient number of competent officers & seaman That the ship must have the requisite equipment & appurtenances such as ballasts, cables & anchors, cordage & sail, food, water, fuel & lights; and & other necessary or proper stores & implements for the voyage IMPLIED WARRANTY OF SEAWORTHINESS SEC 118, IC
Image of page 25
General Rule: seaworthiness is required only at the commencement of the risk . Exception: required at the commencement of each portion of the voyage with reference to the said portion If the ship is seaworthy at the start of the voyage, unseaworthiness during the voyage does not avoid the policy. However, unreasonable delay in repairing the defect causing unseaworthiness during the voyage exonerates the insurer on ship or shipowner s interest from liability from any loss arising therefrom. (Sec 120, IC) WHEN IS SEAWORTHINESS REQUIRED SEC 119, IC
Image of page 26

Subscribe to view the full document.

Voyage is described in the policy (Sec 123, IC) The beginning and ending is stated in the policy The course of the voyage must be the course of sailing fixed by mercantile usage between those places Voyage is not fixed by the policy (Sec 124, IC) The course of voyage must be that which to a master of ordinary skill and direction, is the most natural, direct and advantageous THE VOYAGE
Image of page 27
The departure from the course of the voyage insured. (Sec 125, IC) Departure from the course of sailing fixed by mercantile usage Departure from the most natural, direct and advantageous course if no course has been fixed by mercantile usage Unreasonable delay in pursuing the voyage The commencement of an entirely different voyage DEVIATION
Image of page 28

Subscribe to view the full document.

A proper deviation does not vitiate the marine policy.
Image of page 29
Image of page 30
  • Fall '18

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes