This paper concentrates on the primary theme of Explain the provisions of the Deductible Clause in the Institute Time Clauses – Hulls 1/11/95. in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
MARINE
INSURANCE
Instructions to candidates:
a) Time
allowed: Three hours (plus an extra ten minutes’ reading time at the start – do
not write anything during this time)
b)
Answer any FIVE questions
c) All
questions carry equal marks. Marks for each question are shown in [ ]
1.
Explain the provisions of the Deductible Clause in the Institute Time Clauses –
Hulls 1/11/95. [20]
2.
State the circumstances in which an assured may claim an actual total loss.
Illustrate your answer with examples. [20]
3.
Discuss the rights which accrue to underwriters upon payment of a total loss
claim. Illustrate your answer with examples. [20]
4. List
TEN of the perils covered in the Institute Time Clauses – Hulls 1/11/95 and
give an example of EACH. [20]
5. What
is the difference between implied and express warranties in the context of
marine insurance?
Give an
example of EACH. [20]
6.
Identify the essential features which need to be present to constitute a
general average loss as defined in the Marine insurance Act 1906. [20]
7.
Outline the measure of indemnity for a claim for damage to a vessel insured
under Institute Time
Clauses
– Hulls 1/11/95 when, at the expiry of the policy, only temporary and
part-permanent repairs have been affected. [20]
8.
Detail the stages through which a broker would proceed in placing a marine risk
at Lloyd’s. What action does a broker take if he over closes or fails to
complete a risk? [20]