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What Is A Marine Policy Basics You Need To Know!
What Is A Marine Policy Basics You Need To Know!
What Is A Marine Policy Basics You Need To Know!
Basics you
need to know!
1. Name of the assured or the person who effects the insurance on his behalf;
2. Subject matter insured and the risks insured against;
3. Voyage or period of time or both;
4. Amount insured;
5. Names of the insurer(s);
6. Signature of the insurer.
3. Valued Policy
A Valued Policy is the one which specifies an agreed value of the subject-matter
insured. The value fixed by the policy is as between the insurer and assured, conclusive
of the insurable value of the subject matter intended to be insured irrespective of
whether the loss is total or partial.
4. Unvalued Policy
An unvalued policy is the one which does not specify the value of the subject-matter
insured. The insurable value of the subject matter is to be subsequently ascertained in
the manner as mentioned in the insurance policy.
Deviation
A deviation occurs where the vessel leaves the stated or customary course of the
voyage with the intention of returning to that course and completing the voyage.
When the cause of exercising the deviation ceases to operate, the ship must resume
her course.
Additional Perils
1. Accident in loading, discharging or shifting cargo or fuel
2. Bursting of boilers, breakage of the shaft or any latent defect in Hull and
Machinery (H&M)
3. Negligence of Master, crew, officers or pilots
4. Negligence of Charterer
5. Negligence of Repairer
6. Barratry by Master, officers or Crew.
where such payment by the Assured is in consequence of the Vessel hereby insured
coming into collision with any other vessel.
The remaining 1/4th of the liability is covered by the P&I club. This is called the 1/4th or
4/4th liability clause.