Marine Insurance : Its Principles And Practice
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557).
PARTICULAR CHARGES. 6g It would seem that if the insured vakie of the thing insured is less than its actual value, then the underwriter pays only a proportionate part of such charges ; otherwise he pays them in full.
As an example of Particular Charges incurred at a port of refuge, let us imagine a shipment of skins, warranted free from particular average, under 5 per cent. The vessel, having put into a port of refuge in consequence of heavy weather, the skins are found damaged by sea wat...er, and by incurring an expenditure of z per cent, the damage is arrested, and only amounts on arrival at port of destination to 4 per cent. The underwriter is . liable for the expenses (2 per cent.) under the " sue and labour " clause, but he is not liable for the particular average (4 per cent.) although the charges and the particular average together (amounting to 6 per cent.) exceed the stipulated percentage of 5 per cent. {Kidston v. Empire Marine Insurance Co., Ltd., 1866, L.R. 2 C.P. 357.) Particular charges incurred at the port of destination to re-condition goods which have arrived damaged by a peril insured against, and in respect of which there is a right of recovery under the policy, are paid by underwriters when the particular average itself amounts to the required percentage ; or when the charges come within the terms of the " sue and labour " clause.
What to read after Marine Insurance : Its Principles And Practice?
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To quickly assess the difficulty of the text, read a short excerpt:
557).
PARTICULAR CHARGES. 6g It would seem that if the insured vakie of the thing insured is less than its actual value, then the underwriter pays only a proportionate part of such charges ; otherwise he pays them in full.
As an example of Particular Charges incurred at a port of refuge, let us imagine a shipment of skins, warranted free from particular average, under 5 per cent. The vessel, having put into a port of refuge in consequence of heavy weather, the skins are found damaged by sea wat...er, and by incurring an expenditure of z per cent, the damage is arrested, and only amounts on arrival at port of destination to 4 per cent. The underwriter is . liable for the expenses (2 per cent.) under the " sue and labour " clause, but he is not liable for the particular average (4 per cent.) although the charges and the particular average together (amounting to 6 per cent.) exceed the stipulated percentage of 5 per cent. {Kidston v. Empire Marine Insurance Co., Ltd., 1866, L.R. 2 C.P. 357.) Particular charges incurred at the port of destination to re-condition goods which have arrived damaged by a peril insured against, and in respect of which there is a right of recovery under the policy, are paid by underwriters when the particular average itself amounts to the required percentage ; or when the charges come within the terms of the " sue and labour " clause.
What to read after Marine Insurance : Its Principles And Practice?
You can find similar books in the "Read Also" column, or choose other free books by Great Britain. Laws, Statutes, Etc to read onlineMoreLess
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