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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.
What are the limitations of marketing research? Answer There are two main limitations of marketing research. a. It can't provide decision directly. Marketing research c
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Sales Tax Exemption : Purchase of goods meant for exports are exempted from sales tax including Central Sales Tax. However, the purchaser of goods has to be a registered dealer fo
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Risk as an Exporter : you may draw your export bills either in rupees or in foreign currencies. If you have drawn your export bills in Indian currency i.e., rupees, you will not
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Exclusion Clauses : Notwithstanding the vast range of perils covered under the contract of cargo insurance, insurance cover is not provided against a number of perils and losses.
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