Saima First Pages Project.docx

PROJECT REPORT ON

MARINE INSURANCE SUBMITTED IN PARTIAL FULFILLMENT OF THE DEGREE OF BACHELOR OF COMMERCE IN BANKING AND INSURANCE AFFILIATED TO THE UNIVERSITY OF MUMBAI

SUBMITTED BY:

MISS. SHAIKH SAIMA KHWAJA MOHIDDIN RESEARCH GUIDE: ASST. PROF. SANTOSH ROHRA

S.I.C.E.S. DEGREE COLLEGE OF ARTS, SCIENCE AND COMMERCE, AMBERNATH (WEST) 421505 2017-2018

S.I.C.E.S. DEGREE COLLEGE OF ARTS, SCIENCE AND COMMERCE, AMBERNATH (WEST) Student’s Declaration

I hereby declare that this report submitted in partial fulfillment of the requirement of the award for the MISS. SHAIKH SAIMA KHWAJA MOHIDDIN to S.I.C.E.S. DEGREE COLLEGE OF ARTS, SCIENCE AND COMMERCE is my original work and not submitted for award of any degree or diploma fellowship or for similar titles or prizes.

I further certify that I have no objection and grant the rights to S.I.C.E.S. DEGREE COLLEGE OF ARTS, SCIENCE AND COMMERCE, to publish any chapter/ project if they deem fit in Journals/Magazines and newspapers etc. without my permission.

NAME

: MISS. SHAIKH SAIMA KHWAJA MOHIDDIN

CLASS

: SYBBI

ROLL NO. : TBI-17019

(Signature)

Certificate

This is to certify that the dissertation submitted in partial fulfillment for the award of Bachelor of Banking and Insurance of to S.I.C.E.S. Degree College of Arts, Science and Commerce is a result of the bonofide research work carried out by MISS. SHAIKH SAIMA KHWAJA MOHIDDIN under my supervision and guidance, no part of this report has been submitted for award of any other degree, diploma, fellowship or other similar titles or prizes. The work has also not been published in any Journals/Magazines.

___________________ _____

ASST. PROF. SANTOSH ROHRA BACHHAV (Coordinator)

_________________________

Dr. HARSHAL

(I/C Principal)

________________________ ______________________ ASST. PROF. NEELAM JAISWAR EXAMINER (Project Guide)

EXTERNAL

ACKNOWLEDGEMENT

I WOULD LIKE TO EXPRESS MY SINCERE GRATITUDE TO ASST. PROF. SANTOSH ROHRA FOR HER IMMENSE HELP AND FOR THE GUIDANCE OFFERED BY HIM.

A SPECIAL MENTION MUST BE MADE OF INCHARGE PRINCIPAL DR. HARSHAL BACHHAVFOR HER CONSTANT AND SUPPORT. I ALSO TAKE THESE OPPORTUNITIES TO THANK OUR CO-ORDINATOR ASST. PROF SANTOSH ROHRAWITHOUT WHOSE GUIDANCE AND HELP, THIS PROJECT WOULD OUT HAVE BEEN POSSIBLE.

FINALLY I WOULD LIKE TO THANK ALL THOSE PEOPLE WHO HAVE DIRECTLY AND INDIRECTLY HELPED ME DURING THE COURSE OF THIS PROJECT.

METHODOLOGY

Assigned project task is completed by going through various books committee report regarding Indian agriculture and non forming sector, also role of various financial institutions in this grassland.

The project report entitled here is purely study project and does not include any predictions or forecast regarding the future trends in the rural sector.

The project is based on various references taken from books & report mentioned in the bibliography at the end of the assign project.

OBJECTIVES OF STUDY  Introduce students to the nature and role of marine insurance;  Familiarize students with the history, basic terms and scope of marine insurance;  Examine case studies and practical issues surrounding the basic forms of marine insurance cover.

AIMS The course unit is structured in such a way so as to provide students with a comprehensive analysis of the law and the principles of marine insurance. Through the study of each separate topic students will be able to fully grasp the nature and formation of the marine insurance contract, the basic legal principles and the complex legal concepts involved in the construction of the policy, the duties as to disclosures & representations and warranties.  IMPORTANT OF MARINE INSURANCE In the commercial age of today marine insurance has become most important insurance in the field of insurance. The importance of marine insurance is described below in detail. 

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Importance of Marine Insurance for the Individual A person has to import goods from another country which is located on the other side of sea for his business. While carrying goods from other side of sea businessman may have to face dacoits or goods may be damaged because of sinking of ship into the water. So businessman has to experience economic loss. By the result of loss person may be discouraged to engage in business. But when one insures his/her property in marine insurance does not have to face with economic problem because marine insurance provides compensation to the insured against the loss of property. Importance Of marine Insurance for Ship-owner Expensive ship may be destroyed due to different types of risks on the marine venture. Ship-owner may have to experience with larger amounts of loss due to the destruction of

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the ship. Marine insurance provides compensation of loss to the ship owner . So, marine insurance is important insurance for ship-owner. Importance of Marine Insurance for Freight Freight insurance is also included under the marine insurance. Freight refers to the revenue that a cargo ship earns or the money which is paid to the ship owner for transportation of goods from one part to another. If businessman does not pay freight of his goods to the ship-owner, ship-owner may have to experience economic loss. If such types of loss occur insurance company indemnifies the ship owner to marine insurance. So marine insurance is very important for the freight. Importance of Marine Insurance for Cargo Owner A businessman wants to be secured for his goods. Especially countries which are located on the other side of sea, businessman may have to use marine venture. Marine insurance keeps them away from worry and fear or all responsibility of cargo owner is transferred to the hand of insurance company that provides compensation to the cargo owner if loss occurs.

PREFACE The project report attempts to bring under one cover the entire hard work and dedication put in by me in the completion of the project work on marine insurance.

I have expressed my experiences in my own simple way. I hope who goes through it will find it interesting and worth reading. All constructive feedback is cordially invited.

INDEX SR NO.

TOPIC

PG NO.

1

MARINE INSURANCE

1-12

2

MARINE INSURANCE CONTRACT

13-18

3

MARINE INSURANCE POLICY

19-27

4

WARRANTIESAND CLAUSES

28-37

5

MARINE INSURANCE ACT 2015

38-41

6

CONCLUSION

42-43

7

REFERENCE

44

8

WIBLOGRAPHY

45