Marine Insurance.pptx

A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure

HISTORY • Origins in the Greek and Roman maritime loan. • Separate marine insurance contracts developed in Genoa and other Italian cities in 14th century and spread to northern Europe • Premiums varied with spontaneous estimates of the variable risk like seasons and pirates. • In the late 1680s, Edward Lloyd opened a coffee house on Tower Street • The establishment was a popular place for sailors, merchants, and shipowners, and Lloyd catered to them with reliable shipping news. • It is an association that provides physical facilities and services to the members for selling Insurance

Features • Open Policy • Comprehensive Protection • Customisation • Mark up Value

There are some instances which are not covered under the policy, like • Loss or damage due to wilful negligence • Loss or damage due to improper packaging • Removal of wreck • Contamination due to radioactive rays • Loss or damage due to riot, strike, civil commotion, etc. Case: 1 M.K.G Engineer Case: 2 J.S Automobile

Marine Insurance Plans • • • • • • • • • • •

Cargo Insurance Liability Insurance Hull Insurance Freight Insurance Time plan Voyage plan Mixed plan Port risk plan Valued plan Floated plan Wager plan

Coverage offered • Fire or explosion, stranding, sinking etc. • Collision, overturning or derailment of land conveyance • Discharge of cargo at the port of distress • General average sacrifice salvage charges • Expenses such as surveys fees, forwarding charges, reconditioning charges, sue charge • Jettison or washing overboard • Earthquake or lightning • Total loss of package overboard or dropped in loading or unloading