Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Insurance course 1. Jake borrowed $800,000 from the Gateway Bank to purchase a fishing boat. He keeps the boat at a dock owned by the

Insurance course
image text in transcribed
1. Jake borrowed $800,000 from the Gateway Bank to purchase a fishing boat. He keeps the boat at a dock owned by the Harbor Company. He uses the boat to earn income by fishing. Jake also has a contract with the White Shark Fishing Company to transport tuna from one port to another. a. Do any of the following parties have an insurable interest in Jake or his property? If an insurable interest exists, explain the extent of the interest. 1. Gateway Bank 2. Harbor Company 3. White Shark Fishing Company b. If Jake did not own the boat but operated it on behalf of the White Shark Fishing Company, would he have an insurable interest in the boat? Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ImpactAssets Handbook For Investors

Authors: Jed Emerson

1st Edition

1783087293, 978-1783087297

More Books

Students also viewed these Finance questions

Question

How is operations performance judged at an operational level? Plo8

Answered: 1 week ago