©2015 albert-learning.com Marine Insurance

©2015 albert-learning.com Purpose The purpose of marine insurance is to protect ships and their cargo against sea-risks. A MARINE INSURANCE POLICY INCLUDES:  Name of the insured.  The goods transported.  The risk.  The voyage or time.  The sum insured.  The name of the insurers.  Signature of insurers.

©2015 albert-learning.com Process

©2015 albert-learning.com Types of marine policy Marine Insurance Policies Hull Insurance Cargo Insurance Policy Types Voyage policies Time Policies Valued Policies Unvalued / Open Policy Floating Policy

©2015 albert-learning.com Types of risks In marine insurance, an “average” is a partial loss of vessel or cargo. The at-sea risks to which a ship and her cargo are liable may be classed under two headings: particular average and general average. At sea risks Particular Average General Average

©2015 albert-learning.com Types of protection Two types of protection (cover) are proposed by the insurers in sea carriage. An all risk policy an all-in policy A policy with particular average covers both the risks of general average and particular average losses. The insurers pay claims for partial losses. A policy free from particular average Covers only the risks of general average and the insurers are not responsible for partial losses.

©2015 albert-learning.com Exercise 1.The insurers will in the first place ascertain the ____________ of the vessel. a)Soundness b)Safeness c)Resilience d)Seaworthiness 2.Flags of ____________ are those of Liberia, Panama, Honduras and a few other countries. a)Complacency b)Accommodation c)Convenience d)Willingness 3.The word ____________ is now used mostly for life and marine insurance. a)Assurance b)Security c)Ensuring d)Safeguard

©2015 albert-learning.com Exercise cont… 4.The hull and cargo must be duly insured with a marine ____________. a)Company b)Contractor c)Underwriter d)Subscriber 5.The contract includes a provision for non performance due to ____________. a)Force majeure b)Overpower c)Compulsion d)fortune

©2015 albert-learning.com Reviewed By Reviewed On Comments / Changes Made Vidyesh N.A