The Principle Of Compensation For Loss In Marine Insurance

This essay is divided into five parts besides conclusion.Part one consists of three points. At the beginning, this essay brings in the principle of insurance indemnity, and stated the definition of this principle. Then, special attention is paid to meaning of Loss and Compensates in Marine insurance. After comparing insurance indemnity and Indemnity against Infringement, the characteristics of insurance indemnity are clearly stated. Afterwards, this essay analyzes the relationship between the principle of insurance indemnity and other basic principles in Marine insurance, and point out that the principle of insurance indemnity is the fundamental principle of Marine insurance, and the exception of this principle is noticed too. The last point of this part is about the principle of insurance indemnity in Insurance Law of the P.R.C and Chinese Maritime Code of our state.Part two discusses the insurance subrogation right which is amplified from the principle of insurance indemnity. The insurance subrogation right is used to achieve the aim of the principle of insurance indemnity, that is, the insurant can never get over paid. Then, the essay discusses the application of the insurance subrogation right in property insurance and life insurance according to the law of our state with the conclusion that the principle of insurance indemnity can not be applied in life insurance。At last, the essay discusses the effectiveness of the insurance subrogation right on underwriter, insurant and the third party. The author points out that the underwriter should use the insurance subrogation right in his own name, and then analyzes the effectiveness of the third party indemnify the insurant according to law of our state.Part three is about the relationship between the principle of insurance indemnity and double insurance. Double insurance consists of five elements, and originates from the principle of insurance indemnity. At last, after analyzing some different theories on the effectiveness of double insurance, the author offers his own ideas. Part four is about the Other Insurance Clause which is very complex in practice. The essay brings in the definition of Other Insurance Clause, and then the classify of Other Insurance Clause, and at last, the effectiveness of it. The author also offers some fresh ideas.