Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter I - Object of Marine Insurance - From: Section 1703 At: Art: 1708

TITLE XIII

MARITIME SECURITY

CHAPTER I

Purpose of the marine insurance

Section 1703 .- The object of marine insurance all risks inherent in shipping. The marine insurance contract may be extended to the protection of risk land, river or air to a sea expedition accessories.

Section 1704 .- There will be sea expedition:

1. When the ship, goods or goods that are transported in it, they are exposed to maritime risks;

2. When the freight, passenger, commission, profit or other pecuniary benefit, or security for any loan, advance or payment, it might harm from such risks, and

3. When the owner or other interested person in the insured property or person responsible for preservation, may incur liability to third thanks to the risks identified.

Section 1705 .- The term marine risks which are specific to maritime navigation in or incidental to it such as storm, shipwreck, stranding, collision, explosion, fire, pillage, piracy, war, capture, seizure, detention by order of governments or authorities, jettison, barratry or other of the same nature or have been specifically mentioned in the insurance contract.
Section 1706 .- marine insurance shall be valid on the putative risk, that is, which only exists in the consciousness of the policyholder or the insured and the insurer, either because the accident occurred or because it has already been registered safe arrival of the ship at the time of contracting.
Proven misconduct by the policyholder or the insured, the insurer shall be entitled to all the premium. Proven misconduct by the insurer shall refund the amount of bending it.
Section 1707 .- will have an insurable interest in freight anticipates the person.
Section 1708 .- The insured has an insurable interest in the cost of insurance.