Abstract

In the present era of globalization where Countries have opened their doors for trade, there has been a significant amount of both import and export worldwide. This stance has been conveniently facilitated by exploiting the age-old tradition of sea voyage and as such has accounted for nearly 80% of the volume in such transfers globally. But, with such development worldwide, there also comes the associated risk of the sea voyage which remains affected by uncertainties during the entire route. The issues that needs to be focused at is The insurance bought by the parties dealing in India is governed by The Marine Insurance Act, 1963 which evenly deals with the aspect of insurance and covers the very basic aspect of concern of every insured as to how to claim insurance in case of any loss. With wide perspective enjoined in such cases the most deliberate fact remains to that of in case of partial loss of goods, where the notice of abandonment comes into picture and leaves the parties entangled as to claim the settlement of loss. There lies a very thin line of difference as to ascertain the type of loss and the measures to be sought thereafter.

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