The ship-owner is liable for any damage caused - or indeed threatened - by oil from the vessel. 3. From 1 October 1994, the Merchant Shipping (Salvage and Pollution) Act 1994 will extend strict liability for oil pollution damage to all ships carrying persistent oil, be it as fuel or as
Particular courts were recognized to tempt traders to elect Athens as the dealing partner, so Athens could assist protective deposits and the opportunity to exchange money by the private banks. ("Trade in Ancient Greece.”) By the fifth hundred B.C. the ancient city-states began creating their own coins as a representation for the city, the merchants took the money from their city while trading. Those traders then had to find a money exchanger to exchange in the cities they were going to acquisition or trade. Additionally, there would be a five to six percent fee charged from their money into a foreign or a local currency.
the Marine Insurance Act, 1906. The Indian law is a direct take- off from its English counterpart, and so, whenever it is not self evident, case law spanning over two centuries is to be looked into to arrive at the true position. Moreover, the Marine Insurance Act itself being a codification of previous case law, an appreciation of past authorities is not only an essential requirement to the understanding of the legal concepts generally, but also of paramount importance when wishing to gain an insight into the very constitution of the sections within the
The Bubble Act of 1720 proved to be important in regards to marine insurance because it limited the opportunities for new joint-stock companies to compete against the private underwriters within Lloyd’s Coffee House. Thus, while it helped the Royal Exchange Assurance and the London Assurance companies in the short-term, the ultimate collapse of both companies with the bursting of the South Sea Bubble changed the direction of marine insurance underwriting. In the century following the South Sea Bubble collapse, Lloyd’s would be a large factor in why 90% of all marine insurance contracts came from private underwriters rather than joint-stock
Insurance is a risk transfer method in which the insured transfers the cost of potential losses to another entity for a monetary payment. Also insurance is an economic device whereby an individual pays a small amount (the premium) compared to the total value at risk and transfers some of the uncertainty leading to financial losses. The history of life insurance dates back to 3000 BC. Learned scholars are of the view that the expression ‘Yogakshemam’ found in the Rig Veda refers to a sort of social welfare insurance; the ancient Aryans seem to have developed such a concept. Edwin W Kopf in his treatise – ‘Origin, Development and Practices of Livestock Insurance’ credits India with being the mother of insurance practices, and opines that the development started in India and after that spread to ancient Babylon.
Issuers are in general interested in contracts with such an embedded option because it allows them to redeem the bond when the conditions of the financial market are in their favour. Therefore, the call option is mainly beneficial for the issuer, that’s why it’s less expensive than a bond without a call feature . The standard approach to price callable bonds was based on interest rate dynamics. For example a trinomial tree using the
2.2.2 Maritime Security Maritime security will is perceived as efforts to combine preventive and responsive measures to protect the maritime domain against threats and intentional unlawful acts (Source: Vice Admirals Fernando del Pozo, Anthony Dymock, Lutz Feldt, Patrick Hebrard and Ferdinando Sanfelice di Monteforte, Maritime Surveillance in Support of CSDP: The Wise Pen Team Final Report to EDA Steering Board, April 26, 2010). Scholars have not agreed on a universal definition of the concept; even the international establishments that govern it. Insecurity in the GoG is a function of the region’s vast natural resource endowment, the vulnerabilities inherent in its geographical location, and environmental and demographical factors. These are very attractive to outside bodies and serves as pull factors for insecurity. Other sources of insecurity in the GoG are the internal and international governance processes and the distinct pressure regional and external geopolitics exerts on the security architecture of the region (Shafa, 2011).
A marine casualty can be defined as an event or sequence of events that involves any vessel other than public vessels provided that occurs upon navigable waters, a States territorial waters or where it involves any of a particular States vessel which is not of a public nature which has occurred as a result of vessel operations or is directly linked to it where the result is: - Man overboard - Accidental grounding - occurrences involving vessels which results in damage: by a vessel to the vessel, its apparel, gear, or cargo - injury or loss of life of a person - collisions - stranding or disabling of a vessel - groundings - foundering’s - heavy weather damage - fires - explosions - failure of gear and equipment - which may affect or impair
Furthermore, with the presence of enforcement agency that ensures the safety of the territorial waters, it will prevent and reduce piracy which target high value vessels. The vessel is not seaworthy in accordance with the terms of the convention and the Codes; the ship’s owner is violent of his obligation and liable for the consequences results. Thus, if the vessel is unseaworthy, the owner of the vessel would not have the capability to recoup his misfortune from the insurer. The insurer does not have to demonstrate between unseaworthiness and the misfortune in case of voyage policy. However, the situation is different in a time policy, where there is no implied warranty as to seaworthiness.