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Marine Insurance Contract : Article 3 of the Indian Marine Insurance Act, 1963 defines marine insurance contract as "It is an agreement whereby the insurer undertakes to indemnify the assured bin the manner and to extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure". Before we explain different aspects of the marine insurance contract, it should be clearly understood that the word "marine" used in the definition does not have any specific connotation. Despite the usage of this word, cargo insurance principles as stated in the definition are equally applicable to all modes of transport used in the carriage of goods.
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Permitted Currencies : The payment in foreign trade may be receptor made in a foreign currency which is freely convertible. A freely convertible currency; IS permitted by the rule
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OBJECTIVES After studying this unit, you should be able to : 1. describe the need of cargo insurance in international business; 2. explain various kind of perils covered
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Standard Policies The ECGC has designed four types of Standard Policies to provide cover for shipment made on short-term credit. i) Shipments (Comprehensive Risks) Policy
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NATURE OF CARGO INSURANCE POLICY A marine or cargo insurance policy has an international character and, therefore, a policy taken in one country is acceptable in other coun
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