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UNDERSTAND THE GENERAL AVERAGE

GENERAL AVERAGE General average refers to those rules and principles of maritime law which govern the sharing of losses caused to the interests of ship and cargo by the intentional sacrifice of cargo or extraordinary expenditure by one or other of those interests in the face of exposure to a common danger . The concept of general average was known as early as 900 BC when under Rhodian Law it was provided that if one party’s cargo had to be jettisoned to save ship and cargo in a situation of common danger, the ship and remaining cargo had to contribute to those losses. A general average loss is said to give rise to the duty to make a general average contribution but the definition of loss and the extent of the duty have not been without controversy. While the laws of most mercantile States made (and make) provision in one form or another for general average, there were considerable divergences. In the second half of the 19th century various international efforts culminated in t...
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INTERNATIONAL TRADE AND SHIPPING

Abstract the shipping business is essential to the development of economic activities as international trade needs ships to transport cargoes from places of production to places of consumption. In this chapter we discuss several fundamental questions in the shipping business. These questions include the following: Why is there demand for shipping? What is a shipping system? Who are the actors in shipping? Broadly speaking, sea transport can be divided into tramp and liner shipping.  The purpose of tramp shipping is to provide convenient and economical transport for bulk cargoes that require cross-ocean movement. Bulk cargoes can be classified into dry bulk and liquid bulk. The demand for the transport of liquid bulk by sea is served mainly by the sector of tanker shipping. The main function of liner shipping is to satisfy the demand for regular cargo transport. Shipping and international trade are interrelated. This chapter also examines fundamental topics in the shi...
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MARINE INSURANCE

Introduction of the subject:  Importance of Marine insurance in commerce; Marine insurance plays a very important role in the field of overseas commerce and internal trade of a country. It is closely linked with Banking and Shipping. Banks generally finance the goods which are transported by ships or by other means of transport in the case of internal trade and Marine Insurance protects such goods against loss or damage. Without such protection the entire trade structure is bound to suffer.  Marine Insurance can be divided broadly into two groups   o Cargo Insurance     o Hull Insurance  As stated earlier, Marine Insurance is closely linked up with the trade of a country internal as well as international. A sale contract which is an essential feature in the trade involves a seller and a buyer, apart from the other parties like the carrier, the bank, and the clearing agent. Whether the insurance of the goods in transits is to be the respon...
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