Questions and Answers
What is the primary reason why marine insurance is considered the most traditional and highly developed branch of insurance?
Because it has been the predominant form of transport for large cargo
What is the primary difference between a perils-only policy and an all-risks policy?
The level of coverage provided
What is the burden of proof in a perils-only policy?
The burden is on the cargo owner to show that the loss was due to one of the listed perils
What is not typically covered in a standard perils-only policy?
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What is the purpose of an all-risks policy?
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Why do export-import companies have the option of purchasing additional coverage?
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What is the advantage of having a standardized policy across countries?
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What is the primary difference between marine insurance and other types of insurance?
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What is the significance of the general average sacrifice in a perils-only policy?
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Why is marine insurance considered the most developed branch of insurance?
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