A warranty in an insurance policy is a statement of the promise made by the insured to either perform or abstain from certain actions during the policy’s duration. The policyholder affirms or denies specific facts related to the policy. There are two types of Warranties in marine insurance: Express and Implied warranties. This article lets […]
Articles Tagged: Implied Warranty
What are the 3 types of implied warranties in marine insurance?
Marine insurance is a form of insurance that has been in existence since the ancient times of trade. The marine insurance policy provides coverage against various named and unnamed perils that cause loss or damage to the cargo, ship, or vessel during the transport of the property insured. Warranty is one of the important features […]
What are innominate terms or express warranty in marine insurance?
Marine insurance is a contract between the insurance company and the insured. In a marine insurance contract, the insurance company agrees to compensate the insured. They do so based on the agreement made between them for the damage or loss to the subject matter insured during the shipment. The scope of cover in the marine […]