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Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit. In Canada and the US, shipping insurance is offered by postal services, courier companies, and shipping-insurance companies.
A marine policy typically covered only three-quarter of the insured's liabilities towards third parties (Institute Time Clauses Hulls 1.10.83). The typical liabilities arise in respect of collision with another ship, known as "running down" (collision with a fixed object is an "allision"), and wreck removal (a wreck may serve to block a harbour ...
When you opt for shipping insurance, you declare a value for what's inside your package, and if the worst happens, you can be reimbursed for that declared value.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are ...
The Merchant Marine Act of 1920 is a United States federal statute that provides for the promotion and maintenance of the American merchant marine. [1] Among other purposes, the law regulates maritime commerce in U.S. waters and between U.S. ports. Section 27 of the Merchant Marine Act is known as the Jones Act and deals with cabotage ...
The Nigerian Maritime Administration and Safety Agency (NIMASA), formerly the National Maritime Authority (NMA) is responsible for regulations related to Nigerian shipping, maritime labor and coastal waters.
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The Shipping Policy Decree of 1987, which established the NMA, gave approval for a 50–50 share between foreign and domestic lines for non-conference cargos. However, in 1988 the 24 ships of Nigerian national carriers including the NNSL took only 11% of the cargoes at Nigerian ports.
The Merchant Shipping Act 1995 makes it a criminal offence to send or attempt to send an unseaworthy ship to sea. Seaworthiness in this context relates to defective structures, equipment, under-manning, overloading etc. and the vessel may be detained.
Insurance policy. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under ...