Akansha Gupta Aditya Raj Bhatia Abhishek Shrivastava MBA(DM) 3rd sem IMS DAVV

Marine

insurance is a contract under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marines losses incidental to marine adventures.
may be defined as a form of insurance covering loss or damage to vessels or to cargo during transportation to the high seas.

It

 Marine

insurance means the business of affecting contracts of insurance upon the vessels of any description including cargoes, freight and other interest which may be legally insured.
present form of marine insurance was originated in Northern Italy in eleventh century. And from there it spread to Spain, Belgium, England and other countries.

The

 The

British insurer introduced general insurance, in its modern form, by opening its branches around the year 1700. Insurance Office Ltd. is oldest company set up in Kolkata.
subject matter of marine insurance is the insurable property against which risk is covered. The risks against cargo, vessel freight and liability to the third party can be insured.

Sun

The

 Marine

perils can be defined as the fortuitous accidents or casualties of the sea caused without the willful intervention of human agency.
of perils of which only a few are covered by the insurance while others are not.

Forms

Strom

Collision of one ship with other

Against Rock

Sinking of ship

Spoilage of cargo from sea water Willful destruction of the ship and cargo by the master of the ship or the crew.

Regular wear and tear of vessel

Loss by delay Breakage of goods due to bad movements of ship

Leakage

Damage by rats

 Different

aspects of a marine policy are dealt with from section 24 to section 34 of the Marine Insurance act 1963.

Name of the assured and the insurer.

The object being insured and the perils against which the insurance cover is sought.

The voyage, period of time or both.

Insured sum.

Insurable interest Indemnity Utmost good faith

Proximate cause

Valid contract

 The

insured may be the owner of the ship, owner of the cargo or the person interested in freight. In case the ship carrying the cargo sinks, the ship will be lost along with the cargo. The income that the cargo would have generated, would also be lost. on this, the marine insurance can be classified into different categories, as shown in next slide.

Based

Hull insurance

Liability insurance

Types of Marine Insurance

Freight insurance

Cargo insurance

On the basis of time period

On the basis of valuation

On the basis of cargo

On the basis of hull/vessel

On the basis of inland transportation

Miscellaneous type

Fixed period policy

Valued policy

Named policy

Single vessel policy

Marine cum erecting policy

Freight policy With interest policy Wager policy

Voyage policy

Floating policy

Fleet policy

Inland transit policy

Combined policy

Unvalued policy

All risk policy

Ship construct policy

Passenger baggage policy

Currency policy

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