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MASTER EXAM ORAL QUESTIONS AND ANSWERS - LATEST QUESTIONS | Page 141
Q. 1401) What is subrogation ?
X
Subrogation means that upon payment of the insured value to the policy hollder (owner in case of vessel) the insurer takes charge of the object insured to dispose of it in manner he deems fit (he may sell it off or may sue other parties liable for the damage/loss)
Q. 1402) Who approves the damage control plan ?
XIt is issued by the shipyard and approved by the classification society (remember the class stamp on damage stability booklet which every inspector wants to see?)
Q. 1403) What is utmost good faith ?
X It is the name of a legal doctrine which governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal.
This is a doctrine followed by Lloyd's of London for all marine policies and it is expected that the insured shall declare all pertinent information for the object insured.
