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LSDefine

Simple English definitions for legal terms

marine rule

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A quick definition of marine rule:

The marine rule is a principle used in insurance that states if the cost of fixing damaged property is more than half the value of the property before the damage, then the property is considered completely destroyed. This rule was originally used for ships, but it can also apply to other things like buildings.

A more thorough explanation:

The marine rule is a principle used in insurance that states that if the cost of repairing damaged property is more than half of the value of the property before the damage occurred, then the property is considered to be completely destroyed.

This rule was originally developed for ships that were insured under marine insurance policies. However, it has also been applied to other types of property, such as buildings.

Suppose a ship is insured for $1 million and is damaged in a storm. The cost of repairing the ship is estimated to be $600,000. According to the marine rule, since the cost of repairs is more than half of the value of the ship before the damage, the ship is considered to be a total loss. The insurance company would then pay out the full $1 million to the owner of the ship.

Similarly, if a building is insured for $500,000 and is damaged in a fire, and the cost of repairs is estimated to be $300,000, the building would be considered a total loss under the marine rule. The insurance company would then pay out the full $500,000 to the owner of the building.

These examples illustrate how the marine rule is used to determine whether damaged property should be considered a total loss or if it can be repaired. If the cost of repairs is too high, it is more cost-effective to consider the property a total loss and pay out the full value of the insurance policy.

mariner's will | mariner's hypothec

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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