Janice Beadles Owns a Large Cargo Vessel That Is Used

question 36

Essay

Janice Beadles owns a large cargo vessel that is used primarily for international trade transactions. Janice is quite concerned about her possible liability and financial losses, as she has become aware of more and more collisions between ships at sea. What can you tell her about the different types of insurance that she could obtain that could assist her in the event of an accident?

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Definitions:

Copyright

A form of legal protection given to creators of original works, granting them exclusive rights to use, distribute, and control the use of their work.

Fair Value

A calculated guess at the rate an asset or liability could be traded between aware, agreeable entities in a transaction lacking any close personal ties.

Goodwill

An intangible asset reflecting the value of a company’s brand, customer relationships, and other non-physical assets that contribute to earnings over and above the fair value of identifiable assets and liabilities.

Significant Influence

A term used to describe the capacity of an investor to affect the financial and operating policies of an investee through ownership, without having control.