Page 170 - Reinsurance Management IC85
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The Insurance Times
of loss, catastrophe excess of loss or stop
loss can be arranged.
Reinsurance aspects of marine business are:
i) Risks are mobile hence collision between two
risks is possible.
ii) As fewer risks are insured good faith is utmost
requirement.
iii) Different types of ships and even more complex
mixture cargo are insured for varied perils
means different covers are developed over the
year.
iv) Large sums are insured and any loss will result
in breach of solvency or even bankruptcy.
v) Whether coverage granted is either on all risk
basis or limited term basis.
vi) Nature of coverage granted, breakdown of
categories and total premium is required.
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