problem 1: Define the given four terms:
a) Navigational Limits
b) General Average
c) Contributory Values
d) Average Bond
problem 2: describe in detail the procedure for placing a marine risk in the London market, from the initial proposal to the payment of premium to underpreparers.
problem 3: In marine insurance how is the measure of indemnity influenced by underinsurance? Give an instance of how this might operate in practice.
problem 4: Describe the purpose of the continuation clause (clause 2) in the Institute Time Clauses - Hulls 1/11/95.
problem 5: Answer both parts:
a) What requirements are essential in order to be entitled to a general average contribution?
b) What is the effect of underinsurance on any sums recoverable under the General Average and Salvage clause in the Institute Time Clauses (Hulls) contract?
problem 6: In the context of marine insurance when is a contract void and when is it voidable? In case of a voidable policy is it still a legally valid document?
problem 7: In relation to marine insurance, what is insurable interest? When does interest normally apply?
problem 8: What is the difference between implied and express warranties in the context of marine insurance? Give an illustration of each.