Total and partial loss Marine Insurance Act 1906 Essay

Total and partial loss Marine Insurance Act 1906 - Essay Example Britain is the mistress of the seas, and its history is inextricably linked with the mastery of seamanship. The empire and its commerce were built upon transoceanic mercantilism, for which reason the UK has developed a relatively stable marine insurance law. Being well aware of the perils of the sea and the risks it poses to oceangoing vessels bearing valuable cargo, the development of marine insurance against losses due to oceanic misadventures is a natural development for a country like the UK. This paper shall treat specifically on the nature and types of losses that may be covered by marine insurance under the Marine Insurance Act 1906, and apply the provisions and jurisprudence concerning actual and constructive total loss to the case of Masefield AG (Insured) v Amlin Corporate Member Ltd (Insurer). The intention is to draw insight about the type of losses which marine insurance may or may not cover in the case of losses due to piracy. Marine Insurance Act 1906 s 56 The Marine I nsurance Act 1906 is a codification of the law of marine insurance as it existed at the turn of the century.2 It defines a contract of insurance as ‘a contract whereby the insurer undertakes to indemnify the assured in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.’... (4)Where the assured brings an action for a total loss and the evidence proves only a partial loss, he may, unless the policy otherwise provides, recover for a partial loss. (5)Where goods reach their destination in specie, but by reason of obliteration of marks, or otherwise, they are incapable of identification, the loss, if any, is partial, and not total.’ 6 Actual total loss. From this enumeration, the kinds of losses which may be claimed against insurance are actual total loss, constructive total loss, and partial loss. Actual total loss is described in section 57, constructive total loss in section 60, and partial loss which is covered under sections 64 to 66, all under the Marine Insurance Act 1906. The Marine Insurance Act 1906, similar to common law, recognises only two principal kinds of loss – total loss and partial loss, pursuant to section 56 (1) and (2) of the Act. Actual total loss is defined in section 57 (1) as follows: ‘Where the subject-matter i nsured is destroyed, or so damaged as to cease to be a thing of the kind insured, or where the assured is irretrievably deprived thereof, there is an actual total loss.’7 This pertains to any subject matter insured, such as ship, cargo or freight. The first and last parts of section 57 originated from the observation by Lord Abinger made in Roux v Salvador,8 which constituted the basis of marine insurance was articulated in this manner: ‘The underwriter engages, that the object of the assurance shall arrive in safety at its destined termination. If, in the progress of the voyage, it becomes totally destroyed or annihilated, or if it be placed, by reason of the peril

Greece defaulting on its payments Essay Example | Topics and Well Written Essays - 2500 words

Greece defaulting on its payments - Essay Example They asked for help from European countries and the IMF for the release of the appropriate kind of the funds. This was done to avoid the defaulting on the debts. The connivance of this cross was at the top of the agenda for most of the nations. This threatened to spread to the other nations of the Euro zone, like that of Italy and Spain (Shumway, 2004). Greece has been at the centre of the costs of the Euro zone. It has accumulated one of the highest levels of the public debt. It has also got one of the largest amounts of the deficit in the budget. This is one of the qualities of the budget and as been at the forefront of the financial pressures. It was the first member to ask for the assistance from the other Euro zone members for the financial assistance. This has been the status of the development of the diverse form of the response to the debt. There have a been a lot of initiatives on the part of the IMF( International Monetary Fund),the European officials, the ECB( European Cen tral Bank) and the officials at the Euro zone have bee trying to alleviate the levels of the financial crisis, by undertaking a number of steps. At the persuasion of the various European leaders, the holders of the Greek bonds have been read to do be sold the off at lower prices to ease the pressure on the Greek economy. The way that the things are progressing, Greece could be the first economically advanced country in the world to default on payments. The developments of Greece are of interest to the whole world as the crisis has chances of â€Å"spilling over â€Å"the other economies. This shall impact the functional aspects of many countries over a sustained period. The Greece government has a long history of the public dent. Since the independence from the Ottoman Empire in 1832, the economy is in default. The economists have been pointing to a number of the factors that have affected this kind of the change, the main among them being the extreme levels of the control of the state economy, the public administration in a very bad shape, the tax evasion is at the highest levels in the recent times and the large degree of the political clienteles have been the primary factors causing the problem. The large scale flow of the capital at the low rates in 2000 and the economic crisis of 2008-2009 further increased the problems. These have been one of the main reasons for exacting this inflexion point. BACKGROUND OF THE PROBLEM The preparation of the Euro as the national currency was preceded by a number of the specific factors. One of the primary factors was the fact that the costs of the borrowing dropped in a very dramatic manner. The use of the different kind of the resources was established for the dropping of the rates of the bond. This had a great impact on the complete process of the development of the economy. There was a thought process that the convergence would be high among the different members. This was re-iterated by the different countries whil e going the Euro zone (Korablev, 2010). The new kinds of the leverage on the payment of the taxes were not used for the level of the government funding. The qualities of the important were not increased; the amount of the public spending was increased. This led to an increase of the amount of the deficit, causing the rise of the problems. This had an impact on the different kinds of the government processes. The