Principle of Causa Proxima (Nearest Cause) The Principle of Proximate (i.e Nearest) Cause, means when a loss is caused by more than one causes, the proximate or the nearest or…

Principle of Loss Minimization According to the Principle of Loss Minimization, insured must always try their level best to minimize the loss of their insured property, in case of uncertain…

Principle of Subrogation Subrogation means substituting one creditor for another. Principle of Subrogation is an extension and another corollary of the principle of indemnity. It also applies to all contracts…

Principle of Contribution Principle of Contribution is one of the derived versions of the principle of indemnity. It applies to all contracts of indemnity, if the insured has taken out…

Principle of Indemnity Indemnity means security, protection and compensation given against damage, loss or injury.According to the principle of indemnity, an insurance contract is signed only for getting protection against…

Principle of Insurable Interest The principle of insurable interest states that the person getting insured must have insurable interest in the object of insurance. A person has an insurable interest…

Principle of Utmost Good Faith Principle of Uberrimae fidei or simply the Principle of Utmost Good Faith, is a very basic and first primary principle of insurance. According to this…

Principles of InsuranceMarine Insurance - Actually all general Insurance -- is based on seven basic principle and you need to understand all these correctly to improve your knowledge in Marine…

Your Role as Master on Insurance As a Ship Master, you play a vital role in ensuring and protecting the insurable interest of the shipowner at all times. You also…

Contract of Marine Insurance The following subjects are described in subsequence topics: Marine insurance GA and marine insurance Salvage contracts Types of Marine Insurance LOF 2020 Scopic clause CLC Fund…

Documentary Letter of Credit The Documentary letter of credit is the most common method of payment in International trade. This is because: It gives security to both the Buyer and…

Modes of Payment The method of payment in a sales contract is as negotiated between the Buyer and Seller.There are 4 main methods of payment: These are: The Cash with…