Cargo Insurance
Introduction
Marine insurance aims to compensate the insured for any loss or damage that the insured item may suffer due to the risks involved in a maritime adventure, river, lake or inland canals.[1].
Object
According to article 1160 of the Chilean Commercial Code, maritime insurance can cover:[1].
Boat liability insurance is commonly known as Protection and Indemnity (P&I) insurance. There are thirteen P&I clubs, known as the International Group of P&I Clubs") (https://web.archive.org/web/20120913072218/http://www.igpandi.org/Home), which insure approximately 90% of the world's fleet.
Improvement
Marine insurance is understood to be perfected from the moment the insurer expresses in writing its acceptance of the proposal (also written) to conclude the insurance contract.
To prove said acceptance, the stipulations that the insurer has stamped in the insurance contract, in its proposal, serve; or, on the cover sheet.
The fact that this is sufficient to perfect the maritime insurance contract does not mean that the insurer is free from the obligation to issue the insurance policy.
In terms of marine insurance, it is possible to understand that the policy has been issued with the conditions of the insurance by reference, that is, what is issued is an insurance certificate in which it is recorded that the insurance has been contracted, and the conditions are those that reflect certain forms provided by the insurer.
insurable interest
A distinction is made between goods insurance and ship insurance.[1].
History of marine insurance
The first maritime insurance emerged in the Mediterranean during the Middle Ages as a consequence of the development of maritime trade, but it was not until the discovery and conquest of America, when exchanges multiplied, that the first insurance institutions and administrative frameworks were established.[2].