Q7. A. What are the principles of modern salvage law?
B. What is General Average,
C. Explain with context to General Average, i. Entitlement; ii. Artificial; iii. Adjustment; iv. Contestation
Q3. a) What is "Running Down Clause" and "General Average Expenses"? How are the claims under these clauses treated by H&M as well as P&I Insurers? (8)
b) A vessel in your fleet has sustained damage due to an insured peril. The damage was identified only during drydocking one year after the incident. Will it be admissible under a hull policy? However, as the damage has not affected the Class status of the vessel, you decide not to carry out the repair. Can you file a claim against your policy? If yes, how can the value of such claim be ascertained? (8)
Q3. a) Discuss the concept of general average with the principles underlying general average and contribution among parties involved in a maritime venture. (8)
b) Provide examples of scenarios where general average might be declared, highlighting the criteria and conditions necessary for its application in modern maritime commerce. (8)
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