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Principles of Marine insurance

1.    Principle of Utmost Good Faith:-
 The marine insurance policy relies on the principle of utmost good faith, which clearly states that at the time of filling the marine insurance policy document, the applicant should disclose the correct information. Also, the applicant would not withhold any material information. If the applicant conceals or hides important information, the marine insurance company has all rights to reject the policy application.
 Fashion Stop is planning to buy a marine insurance policy. It means, the company should disclose all the material information about its current state. In case  Fashion Stop hides material information, the marine insurance company has all rights to reject the policy application. Even if at the time of the claim, the insurer finds out that  Fashion Stop hides material facts, it can reject its policy application form.

2.      Principle of Insurable Interest:-
According to this principle, it is necessary for the policyholder to have some i…

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