THE PRINCIPLE OF INDEMNITY IN MARINE INSURANCE CONTRACTS
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It goes without saying that marine insurance is deservedly considered one of the oldest forms in which commercial protection is accomplished. It has been developed through the establishment of the famous institution of so-called "coffee-houses", wherein the first "underwriting" activities were being conducted; in fact, that is from where the evolution and industry dominance of the Lloyd's has actually stemmed as the most famous insurance market in the whole world. It should be noted that the marine insurance contracts are quite special because they all have some special characteristics; moreover, they are considered special because they are contracts of indemnity. The present publication by Kyriaki Noussia is examining the principles of indemnity within the above mentioned contracts, as well as the most important legal problems relating to this principle, both in theory and in practice - they have all been thoroughly analyzed, evaluated and discussed, and so many informative case studies have been collected by the author and included in the present work. The book starts with the historical overview of the marine insurance, followed by the chapters covering the indemnity contracts, types of losses. valuation and measure of indemnity, subrogation rights, and the discussion on this principle. The content of the book is supplemented with the tables of cases and statutes. A very good reference source for anyone involved in the marine insurance.
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