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Marine insurance |
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MARINE INSURANCE, contracts. A contract by which one party, for a stipulated premium, undertakes to indemnify the other, against all perils or sea risks, to which his ship; freight or cargo, or some of them, may be exposed, during a certain voyage or fixed period of time. 1 Bouv. Inst. n. 1175, et seq. See Insurance Marine. |
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Tankers and tanker-loading facilities have been targets of attacks by Al-Qaeda and other terror groups threatening to disrupt oil supplies and adding to upward pressures on prices, maritime insurance premia and tanker charter rates. Second, rising maritime insurance and transport costs (which Baskes traces in remarkably interesting detail in his long Chapter 8) attendant upon trans-Atlantic shipping during the period of chronic late eighteenth-century warfare simply und ercut the profitability of the trade to the point that the risks and costs were not justified by dwindling profits. Hutelmyer is president of a maritime insurance company. |
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Maritime insurance
