Seventy per cent of the vessels of that association are covered by the United States Shipping Corporation. Assessments are paid by all the companies whose vessels are included and by the United States Shipping Corporation. in proportion to tonnage. to indemnify them against certain losses which are not covered by the ordinary classes of marine insurance. For instance. this indemnity or insurance covers personal injury to or loss of life of any person. whether on board. the vessel or not. second. illness of passengers or crew. damage to other vessels. otherwise than by collision. damage by collision being covered by the ordinary marine insurance. damage to docks or any othey property. excepting damage to other vessels by collision. damage to cargo or shortage of cargo. extraordinary quarantine expenses. customs and immigration fines and penalties arising from neglect 6f officers. the repatriation of any members of the crew where they are left strafided in foreign ports. and several other items. These various companies contribute in proportion to their tonnage to a fund which is used to cover all of this class of losses. There is no profit derived from the business whatever. it being purely mutual. the payments being made by assessment. yet if there is an excess over the losses for any one year. possibly on account of the fact that certain losses have not been adjudicated. those funds are invested or deposited and draw interest.
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