Assgn_ Marine Insurance Summary-sajal

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  The origins of marine insurance law were in the law merchant, with the establishment in England in 1601 of a specialized chamber of assurance separate from the other Courts. Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination. Examples of the covered perils are fire, theft, jettison, collision, contact, heavy weather, stranding/foundering, sinking, war perils, etc. Cargo insurance is a sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property, such as container terminals, ports, oil platforms, pipelines, etc.

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 s - refers to the ship, hull and machinery of the vessel. 
- refers to goods or merchandises that are being carried from one place to another or are being imported or exported. 
 - refers to the consideration that is payable to the ship owner in respect of carriage of goods by his/her ship. Sometimes the freight is ƍpre-paidƎ when it is at the risk of the cargo owner, and sometimes the freight is ƍpost-paidƎ when it is at the risk of the ship owner.



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    : B  Ïn order to validate a claim, a loss must take place within the period of specified 12 months. Time policy comes to an end as soon as the period is over  : •   Ïn order to validate a claim, the loss must take place within or during the specified voyage. Normally cargo is insured on this basis. 

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~   „: s!  Ït is virtually a mixture of both the time and voyage policy. The policy virtually covers a voyage and also an additional time after completion of the voyage.    ":    This type of policies is usually used for cargo insurance. Each time a shipment takes place the insured simply declares the shipment and obtains a certificate of insurance from the insurers.  #: ñ
$  These types of policies are issued in respect of ships whilst in the process of erection or building at dockyards. (: %
 ike the floating policy, the open cover system provides a cover usually for twelve months, where the insured indicates that the insurers shall insure each and every shipment to be declared by the insured, as per terms and conditions of the covered note.

 : ¯    There are some special policies such as Yacht Ïnsurance, War Risks, Ïncreased Value (ÏV), overdue insurance, Cargo insurance.  : 
    

 A marine policy typically covered only three-quarter of the insured's liabilities (e.g., collision with another ship or fixed object, wrecks removal which block a harbor) towards 3rd parties. Ïn the 19th century, ship-owners banded together in mutual underwriting clubs known as Protection and Ïndemnity Clubs (P&Ï), to insure the remaining one-quarter liability amongst themselves.

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A peculiarity of marine insurance, and insurance law generally, is the use of the terms ƍconditionsƎ and ƍwarrantyƎ. The meaning of these terms is reversed in insurance law. Thus, the Marine Ïnsurance Act 1906 refers to implied warranties, one of the most important of which is that the vessel is seaworthy



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&   The term ƍsalvage' refers to the practice of rendering aid to a vessel in distress. Apart from the consideration that the sea is traditionally 'a place of safety', with sailors honor-bound to render assistance as required, it is obviously in underwriters' interests to encourage assistance to vessels in danger of being wrecked. 

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   Ïnland marine insurance indemnifies loss to moving or movable property and is an outgrowth of ocean marine insurance. Historically, ocean marine insurance held the transporter responsible for property loss before, during, and after the completion of the voyage. Ïn the 1800s the non-ocean portion of the journey grew as cargoes were transferred to non-ocean vessels (such as barges) and the term "inland marine" was coined. Ïnland marine policies became known as "floaters" since the property to which coverage was originally extended was essentially "floating." The coverage has grown to include property that just involves an element of transportation. The property that is insured under inland marine coverage is typically one of the following: Actually in transit Held by a bailee At a fixed location that is an instrument of transportation A movable type of goods that is often at different locations Typically, "inland marineƑ, represents a wide range of the types of coverages such as accounts receivable, communication towers and equipment, computer coverage, contractors equipment, commercial floaters, installation, leased property, motor truck cargo, museums, musical instruments, etc.

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