Report On Status Of Marine Insurance In The Us

Author : S. Huebner
Publisher :
ISBN 13 : 9781330459218
Total Pages : 108 pages
Book Rating : 4.4/5 (592 download)

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Download or read book Report on Status of Marine Insurance in the United States, 1920 (Classic Reprint) written by S. Huebner and published by . This book was released on 2015-06-28 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Report on Status of Marine Insurance in the United States, 1920 Marine insurance a vital part of commence. - Marine insurance is conceded to be an integral part of modern overseas commerce. It exists to indemnify interested parties against loss, damage, or expense occasioned accidentally in connection with vessels, cargoes, freight, and other marine interests through any of the many perils connected with water transportation. Water carriers and shippers of goods by water probably exceed all other business interests in the extent to which they protect their property through insurance. As has been aptly stated, "Marine insurance bears to commerce the relation of bodyguard rather than mere servile attendant. Of the active forces which influence, control, or forbid the employment of shipping none has greater effect than the marine insurance power." The fundamental purpose of marine insurance is to indemnify such loss and damage as is accidental, unavoidable, and unusual. But subject to this condition the modern marine insurance policy affords a very broad protection in fact nearly every conceivable contingency is assumed. The modern "warehouse to warehouse" clause enables goods to be protected from the time they leave the shipper's warehouse in the interior of this country, through all the various stages of the journey either by water or land carriers, until they are safely delivered into the warehouse of the foreign consignee. In fact, it is asserted that modern marine insurance should justly be called "transportation insurance." The universal use of credit in commercial transactions and the small margin of profit on which such transactions are customarily conducted make marine insurance almost as necessary an instrumentality of overseas trade as the vessel itself. Owners of vessels must necessarily protect themselves against the loss of vessel and freight charges, and, in the case of ordinary cargo carriers, willingly pay for such protection a sum equal to the current rate of interest on the invested capital. Where the vessel is only paid for in part, the mortgagee will want his equity protected just as certainly as is the practice in fire insurance under the so-called "mortgage clause." About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.