ADMIRALTY LAW - MARINE INSURANCE: Nature of Marine insurance  

 

 Anonymous
Joined: 51 years ago
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01/07/2019 2:55 am  

"It is clear that they did not extinguish the power of the admiralty courts. See the Zeta (1893) 18 App. Cas. 468 at pp. 481,482 and 485 P.C. Besides, one has to look at the nature of Marine Insurance. It is a contract of insurance between two persons on land but it cannot be excised from its maritime nature. It is a maritime contract which is why it is called marine. It is a contract which though entered on land relates to something which happens at sea, to perils of the sea. Section 3 of the Marine Insurance Act No. 54 of 1961 defines Marine Insurance thus: "A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure" Section 5 sub-section 2 of the same Act provides that there is marine adventure where: "(a) Any ship, goods or other moveables are exposed to maritime perils, such property being referred to in this Act as insurable property" in AMERICAN INTERNATIONAL INSURANCE V. CEEKAY TRADERS LTD Suit No: SC.81/1980 PER NNAMANI J.S.C. (Pp. 31-32, paras. F-C)


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