This is the oldest form of insurance under Bottomary bond. If the ship was lost, the loan & interest were forfeited.Many times there were several risks like robbery by pirates or got sunk in the deep water. Therefore, to safeguard them,the financial loss which could not be conveniently born by the unfortunate individual victims in Marine Insurance.
Thursday, September 3, 2009
Marine Insurance
This is the oldest form of insurance under Bottomary bond. If the ship was lost, the loan & interest were forfeited.Many times there were several risks like robbery by pirates or got sunk in the deep water. Therefore, to safeguard them,the financial loss which could not be conveniently born by the unfortunate individual victims in Marine Insurance.
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