Marine Insurance in Victoria BC covers the loss or damage of ships, cargo,
terminals, and any transport or cargo by which property is transferred, acquired
or held between the points of origin and final destination
A marine policy typically covered only three-quarter of the
insured's liabilities towards third parties. The typical liabilities arise in
respect of collision with another ship, known as "running down"
(collision with a fixed object is a "harbour"), and wreck removal (a
wreck may serve to block a harbour, for example).
The Marine Insurance Act includes, as a schedule, a standard
policy (known as the "SG form"), which parties were at liberty to use
if they wished. Because each term in the policy had been tested through at
least two centuries of judicial precedent, the policy was extremely thorough.
Actual Total Loss and Constructive Total Loss
These two terms are used to differentiate the degree of
proof where a vessel or cargo has been lost. An actual total loss occurs where
the damages or cost of repair clearly equal or exceed the value of the
property. A constructive total loss is a situation where the cost of repairs
plus the cost of salvage equal or exceed the value.
The use of these terms is contingent on there being property
remaining to assess damages, which is not always possible in losses to ships at
sea or in total theft situations. In this respect, marine insurance differs
from non-marine insurance, where the insured is required to prove his loss.
Traditionally, in law, marine insurance was seen as an insurance of "the
adventure", with insurers having a stake and an interest in the vessel
and/or the cargo rather than simply an interest in the financial consequences
of the subject-matter's survival.
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