Please help with a suitable answer for Q-21.

Dear Student,
 The marine insurance contract is an agreement whereby the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses. Marin insurance provides protection against loss by marine perils or perils of the sea. Therefore yes company is eligible for claiming compensation of loss of goods from an insurance company.

A principle of insurance:
1. Insurable interest must be present at the time when claim falls due or at the time of loss only. And contract of insurance is a contact of uberrimae fideii.e. a contract found on utmost good faith.
2. There should be a proximity cause. The marine insurance policy is for one or period of voyage or mixed.
3. Insurance is the contract of indemnity. The insured can claim the market value of the ship and the cost of goods destroyed at sea and the loss will be indemnified. And it is the duty of insured to take reasonable steps to minimise the loss or damage to the insured property.
4. A loss should be measurable.
5. A principal of subrogation which means that insurer stands in the place of insured after a settlement of the claim.

Regards,
 

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