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LSDefine

Simple English definitions for legal terms

marine rule

Read a random definition: ex parte divorce

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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Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
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I shop at Joe
HopefullyInLawSchool
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Joe's
glovediedthisishismom
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i shop at tawget
glovediedthisishismom
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im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
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