1. Arlene owns a 2,000 square meter land which she subdivided. On one half portion, she built a building and insured the same against fire, with the prohibition against the storage of flammable liquid inside the building or within 20 meters from it. Arlene mortgaged the building and the adjacent land to Bianca, where the latter constructed a gasoline station. Because of Arlene's failure to pay the installments, Bianca foreclosed the property. It was sold at public auction with Bianca as highest bidder. A certificate of sale was issued.
(a) Suppose the property was burned, can Arlene claim from the insurance?
(b) Suppose Arlene assigned the policy to Bianca in the Real Estate Mortgage, can Bianca claim?
(c) Suppose Bianca consolidated title in her name on the property after a year and secured a separate fire insurance. There was a condition in the policy which states that 6 months after getting the policy, Bianca would construct a firewall. 3 months into the policy, a fire broke out and damaged the property. It was later learned that it was caused by faulty wiring. Can Bianca claim?
(d) Suppose the policy is "open", what is the measure of indemnity of the policy?
2. Carlo owns a P2 million vessel, chartered by Dante for consideration of P1 million, to carry the cargoes of Edwin, Fidel and Gardo worth P1 million each. Dante expects to earned P3 million from the transactions.
(a) What can Carlo insure? State the extent of the insurable interests.
(b) What can Dante insure? State the extent of the insurable interests.
(c) Suppose Edwin insured his cargo for P1 million. Due to bad weather, it became necessary to jettison some of Edwin's cargo to save the ship and cargo. Edwin lost P500,000 worth of cargo. Who are liable for the cargo and how much can Edwin claim?
(d) Fidel insured his cargo for P800,000. He lost P200,000 worth of cargo. How much is the insurer liable to pay?
(e) Gardo insured his cargo for P1 million. He lost P500,000 worth of cargo due to fire which came from the kitchen, because the door was negligently left open. Is the insurer liable?
3. What are implied warranties in marine insurance?
4. What are deviations in marine insurance?
5. State the rule of payment in case of over insurance by double insurance.
6. What are the instances when premiums may be returned?
(a) Suppose the property was burned, can Arlene claim from the insurance?
(b) Suppose Arlene assigned the policy to Bianca in the Real Estate Mortgage, can Bianca claim?
(c) Suppose Bianca consolidated title in her name on the property after a year and secured a separate fire insurance. There was a condition in the policy which states that 6 months after getting the policy, Bianca would construct a firewall. 3 months into the policy, a fire broke out and damaged the property. It was later learned that it was caused by faulty wiring. Can Bianca claim?
(d) Suppose the policy is "open", what is the measure of indemnity of the policy?
2. Carlo owns a P2 million vessel, chartered by Dante for consideration of P1 million, to carry the cargoes of Edwin, Fidel and Gardo worth P1 million each. Dante expects to earned P3 million from the transactions.
(a) What can Carlo insure? State the extent of the insurable interests.
(b) What can Dante insure? State the extent of the insurable interests.
(c) Suppose Edwin insured his cargo for P1 million. Due to bad weather, it became necessary to jettison some of Edwin's cargo to save the ship and cargo. Edwin lost P500,000 worth of cargo. Who are liable for the cargo and how much can Edwin claim?
(d) Fidel insured his cargo for P800,000. He lost P200,000 worth of cargo. How much is the insurer liable to pay?
(e) Gardo insured his cargo for P1 million. He lost P500,000 worth of cargo due to fire which came from the kitchen, because the door was negligently left open. Is the insurer liable?
3. What are implied warranties in marine insurance?
4. What are deviations in marine insurance?
5. State the rule of payment in case of over insurance by double insurance.
6. What are the instances when premiums may be returned?
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