The Principle of Indemnity in Valued Marine Policies

Abstract

To consider people are encountering many perils that threat their health, life and property as such people interested to insure their belonging and get rid of risk and danger to live and work tranquility. As stated that marine insurance is the oldest branch of insurance and now days most of trade is by sea transportation and economic of countries are rely on export and import which are strongly depend on marine insurance, because the marine insurance plays an important role in the world and has high position. And how marine insurance includes the loss and which losses are not included considering one of the most important subjects for that person who wants to insure their life and property. The paper intends to give a wide-ranging account of the principal of indemnity in a marine insurance and analyses which losses are not included by a marine insurance contract. A policy of assurance has long held is not perfect contract of indemnity. This paper attempt is to examine this truism in the context of value policies.