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 ship-
owners, 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