basics of marine insurance
DESCRIPTION
Marine Insurance is considered to be a tough nut to crack. This slide presentation would give the viewers some basic aspects of Marine Insurance. Suggestions and comments are welcome.TRANSCRIPT
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2Compiled by S. M.Gupta
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INTRODUCTION
� INSURANCE CONNECTED WITH THE RISKS OF TRANSPORTATION OF GOODS, IS ONE OF THE OLDEST AND MOST IMPORTANT FORMS OF INSURANCE
� THE VALUE OF GOODS SHIPPED BY THE BUSINESS FIRMS EACH YEAR COST BILLIONS OF RUPEES
� THESE GOODS ARE EXPOSED TO DAMAGE OR LOSS FROM NUMEROUS PERILS ASSOCIATED WITH TRANSPORTATION
� THESE GOODS CAN BE PROTECTED BY MARINE INSURANCE CONTRACTS.
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INTRODUCTION
� IT IS AN IMPORTANT ELEMENT OF THE GENERAL INSURANCE INDUSTRY
� IT ESSENTIALLY PROVIDES COVER FOR THE LOSSES SUFFERED DUE TO MARINE PERILS
� IN INDIA, THE MARINE INSURANCE IS REGULATED BY:� THE INDIAN ‘MARITIME INSURANCE ACT,
1963’.
� WHICH IS BASED ON THE ORIGINAL ‘MARINE INSURANCE ACT, 1906. OF U.K.
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HISTORY OF MARINE INSURANCE
� MARINE INSURANCE AS WE KNOW IT TODAY, CAN BE DESCRIBED AS MOTHER OF ALL INSURANCES
� IT IS BELIEVED TO HAVE ORIGINATED IN ENGLAND OWING TO THE FREQUENT MOVEMENT OF SHIPS OVER HIGH SEAS FOR COMMERCE AND TRADE
� IN INDIA, MARINE INSURANCE HAS BEEN IN VOGUE FOR SEVERAL CENTURIES.
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HISTORY OF MARINE INSURANCE
� PRIOR TO THE DEVELOPMENT OF MARINE INSURANCE, THE PEOPLE ACROSS THE WORLD, HAD A SYSTEM OF:� POOLING THEIR CONTRIBUTIONS SO THAT IF
ANY ONE OF THEM SUFFERS LOSS DURING VOYAGE
� HE WOULD BE COMPENSATED FROM THE POOL.
� TODAY MARINE INSURANCE HAS ASSUMED A VAST DIMENSIONS DUE TO EVER EXPANDING TRADE ACROSS THE GLOBE.
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HISTORY OF MARINE INSURANCE
� IT INVOLVES LARGE SHIPPING COMPANIES THAT REQUIRE PROTECTION:� NOT ONLY FOR THEIR COSTLY FLEET AGAINST
THE PERILS OF THE SEA, BUT ALSO
� TO THE CARGO BEING CARRIED IN EACH OF THESE SHIPS.
� THE VALUE OF EACH SHIP AND THE CARGO CARRIED THEREIN, MAY BE COSTING MILLIONS OF RUPEES TO THE OWNERS.
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World’s biggest Passenger-ship ‘MS Freedom of the Seas’ 4300 passenger Capacity Inside
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World’s biggest Passenger-ship
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MARINE INSURANCE MARKET
� LLOYD’S, A CORPORATE ESTABLISHED IN LONDON, IS THE BIGGEST CENTRE FOR MARINE INSURANCE IN THE WORLD
� LLOYD’S WAS A COFFEE HOUSE FREQUENTED BY THE TRADESMEN, SHIP-OWNERS AND OTHERS
� THE COFFEE HOUSE BECAME THE MEETING GROUND FOR:
� BROKERS, INSURERS AND SHIP OWNERS FOR NEGOTIATING THEIR BUSINESS.
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LLOYD’S COFFEE HOUSE
� AT THE COFFEE HOUSE THEY WOULD DISCUSS VARIOUS ASPECTS OF THE SHIPPING BUSINESS INCLUDING CARGO AND SHIP INSURANCE AND: � ULTIMATELY IT STARTED TRANSACTING
MARINE INSURANCE IN A BIG WAY.
� WHEN THE BRITISH OCEAN LINER ‘TITANIC’ WHICH SANK IN 1912, DURING HER MAIDEN VOYAGE:� WAS INSURED BY LLOYD’S WHO PAID AN
INSURANCE CLAIM OF ONE MILLION US $.
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12Compiled by S. M.Gupta
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MARINE INSURANCE IN INDIA
� THERE IS EVIDENCE THAT THE MARINE INSURANCE WAS PRESENT IN SOME FORM OR THE OTHER IN INDIA SINCE A VERY LONG TIME.
� IN EARLIER DAYS TRAVELERS BY SEA WERE PARTICULARLY AFRAID OF:
� LOSING THEIR VESSELS AND
� MERCHANDISE BECAUSE OF:
� PIRACY ON THE OPEN SEAS.
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SUBJECT MATTER OF MARINE INSURANCE
� THE INSURANCE IN THE CURRENT SCENARIO, HOWEVER IS, MUCH MORE THEN, WHAT WAS ENVISAGED EARLIER
� IT IS NOW REQUIRED TO PROTECT THE INTEREST OF: � THE OWNER OF THE SHIP
� OWNER OF THE CARGO
� THE PERSON INTERESTED IN FREIGHT
� FOR LIABILITIES AND IN RESPECT OF
� FINES IMPOSED FOR VARIOUS REASONS.
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SUBJECT MATTER OF MARINE INSURANCE
� 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
� IT MAY ALSO DAMAGE THIRD PARTY PROPERTY
� THIRD PARTY INJURIES OR DEATH.
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CLASSIFICATION OF MARINE INSURANCE
� BASED ON THE FACTS STATED EARLIER, MARINE INSURANCE CAN BE CLASSIFIED INTO FOUR BROADER CATEGORIES I.E:� HULL INSURANCE� CARGO INSURANCE� FREIGHT INSURANCE AND� LIABILITY INSURANCE
� HOWEVER OUR ENDEAVOUR WOULD BE LIMITED TO DISCUSSING THE ‘MARINE CARGO INSURANCE’ ONLY.
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Types of ‘Hull’
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CARGO INSURANCE
� ‘CARGO’ REFERS TO:� THE GOODS AND COMMODITIES
CARRIED DURING TRANSIT BY:� RAIL, ROAD, SEA OR AIR FROM ONE PLACE
TO ANOTHER.
� THE ‘CARGO’ TRANSPORTED BY SEA IS SUBJECT TO MANIFOLD RISKS SUCH AS:� LOSS OR DAMAGE AT THE PORT AND
� LOSS OR DAMAGE DURING THE VOYAGE.
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WORLD’S BIGGEST CARGO LINERS
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CARGO INSURANCE
� ‘MARINE CARGO INSURANCE’ PROVIDES THE INSURANCE COVER IN RESPECT OF:� LOSS OF OR DAMAGE TO CARGO DURING
TRANSIT BY:� RAIL, ROAD, SEA OR AIR.
� THUS ‘MARINE CARGO INSURANCE’COVERS THE FOLLOWING:� EXPORT AND IMPORT SHIPMENTS BY OCEAN� TRANSSHIPMENTS� SHIPMENT BY INLAND VESSELS� CONSIGNMENTS SENT BY RAIL, ROAD, AIR &� ARTICLES SENT BY POST.
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WORLD’S BIGGEST PLANE ‘AIRBUS A380’ - 555 Passengers
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CARGO INSURANCE
� ‘MARINE CARGO INSURANCE’ COVERS THE SHIPPER OF THE GOODS, IF THE GOODS ARE DAMAGED OR LOST DURING TRANSIT
� THE ‘CARGO’ POLICY COVERS THE RISKS ASSOCIATED WITH THE TRANSSHIPMENT OF GOODS
� THE POLICY COULD BE ISSUED TO COVER A SINGLE SHIPMENT OR
� IF REGULAR SHIPMENTS ARE MADE:� AN ‘OPEN POLICY’ CAN BE ISSUED WHICH
INSURES THE GOODS/ CARGO AUTOMATICALLY WHENEVER A SHIPMENT IS MADE.
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DEFINITION OF MARINE INSURANCE
� MARINE INSURANCE IS A CONTRACT UNDER WHICH THE INSURER UNDERTAKES TO INDEMNIFY THE INSURED:
� IN THE MANNER AND TO THE EXTENT THEREBY AGREED
� AGAINST MARINE LOSSES, INCIDENTAL TO MARINE ADVENTURES.
� IT MAY BE DEFINED AS A FORM OF INSURANCE COVERING LOSS OR DAMAGE TO:� ‘VESSELS’ OR TO ‘CARGO’ DURING
TRANSPORTATION.Compiled by S. M.Gupta
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FEATURES OF MARINE INSURANCE
� IT IS BASED ON ‘UTMOST GOOD FAITH’ I.E. BOTH THE INSURED AND THE INSURER’S MUST DISCLOSE:� EVERYTHING WHICH IS IN THEIR KNOWLEDGE
AND
� CAN AFFECT THE CONTRACT OF INSURANCE.
� IT IS A CONTRACT OF ‘INDEMNITY’:� THE INSURED IS ENTITLED TO RECOVER ONLY
� THE ACTUAL AMOUNT OF LOSS FROM THE INSURER.
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INSURABLE INTEREST
� ‘INSURABLE INTEREST’ IN THE SUBJECT MATTER INSURED ‘MUST EXIST AT THE TIME OF THE LOSS’
� IT NEED NOT EXIST WHEN THE INSURANCE POLICY WAS TAKEN
� UNDER MARINE INSURANCE, THE FOLLOWING PERSONS WOULD DEEMED TO HAVE ‘INSURABLE INTEREST’:
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INSURABLE INTEREST
� THE OWNER OF THE SHIP� THE OWNER OF THE CARGO� A CREDITOR WHO HAS ADVANCED MONEY
ON THE SECURITY OF THE SHIP OR CARGO� THE MORTGAGOR AND MORTGAGEE� THE MASTER AND CREW OF THE SHIP HAVE
‘INSURABLE INTEREST’ IN RESPECT OF:� THEIR WAGES AND
� IN CASE OF ADVANCE FREIGHT:� THE PERSON ADVANCING THE FREIGHT HAS
AN ‘INSURABLE INTEREST’ IF SUCH FREIGHT IS NOT REPAYABLE IN CASE OF LOSS.
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WARRANTIES
� A ‘WARRANTY’ IS A PROMISE BY THE ASSURED TO THE UNDERWRITER THAT SOMETHING SHALL OR SHALL NOT BE DONE OR CERTAIN OF AFFAIRS DOES OR DOES NOT ARISE
� A ‘WARRANTY’ MUST BE AND LITERALLY COMPLIED WITH, AS OTHERWISE THE INSURER MAY AVOID ALL LIABILITY, FROM THE DATE OF BREACH
� ‘WARRANTY’ IS IN EFFECT A ‘SAFETY VALVE’ OF THE INSURER’S. 27Compiled by S. M.Gupta
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TYPES OF WARRANTIES
� WARRANTIES ARE OF TWO TYPES I.E.� ‘EXPRESS WARRANTY’ AND
� ‘IMPLIED WARRANTY’.
� AS EXPLAINED EARLIER, BOTH OF THESE WARRANTIES ARE TO BE LITERALLY COMPLIED WITH, BY THE INSURED
� THE EXAMPLES OF THESE WARRANTIES ARE…..
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EXPRESSED WARRANTIES
� ‘EXPRESSED WARRANTIES’: THESE ARE APPEARING IN THE POLICY ITSELF AND NEEDS TO BE COMPLIED WITH. FOR EXAMPLE:� WARRANTED PACKED IN NEW GUNNY
BAGS� WARRANTED NEW DRUMS� WARRANTED PROFESSIONALLY PACKED� WARRANTED SAILING WITHIN SEVEN DAYS� WARRANTED SHIPPED UNDER DECK� WARRANTED SURVEYED BEFORE SHIPPING
ETC.29Compiled by S. M.Gupta
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IMPLIED WARRANTIES
• ‘IMPLIED WARRANTIES’: THESE ARE NOT EXPRESSED BUT IMPLIED AND ARE THEREFORE TERMED ‘IMPLIED WARRANTIES’. FOR EXAMPLE:� SEAWORTHINESS OF THE VESSEL AT THE
COMMENCEMENT OF THE VOYAGE AND
� LEGALITY OF THE ADVENTURE.
� IN THE VOYAGE POLICY ON GOODS, THERE IS NO IMPLIED WARRANTY THAT THE GOODS INSURED ARE SEAWORTHY.
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SUBROGATION/ CONTRIBUTION
� THE TERMS ‘SUBROGATION’ AND ‘CONTRIBUTION’ ARE COROLLARY TO THE PRINCIPLE OF INDEMNITY. THEY APPLIES TO POLICIES, WHICH ARE CONTRACTS OF INDEMNITY
� THE PURPOSE OF BOTH OF THESE ARE, TO ENSURE THAT THE ASSURED SHALL NOT MAKE PROFIT OUT OF A LOSS, EITHER WHOLLY OR PARTLY, FROM ANOTHER SOURCE.
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MEASUREMENT OF SUBROGATION
� THERE IS A DISTINCTION BETWEEN SUBROGATION RIGHTS UNDER ‘TOTAL LOSS’ CASES AND ‘PARTIAL LOSS’CASES.
� UNDER ‘TOTAL LOSS’, THE INSURER IS ENTITLED TO TAKE OVER WHAT EVER MAY REMAIN OF THE SUBJECT MATTER, AFTER PAYMENT, WHEREAS
� IN CASE OF ‘PARTIAL LOSS’, SUBROGATION IS TO THE EXTENT OF LOSS PAID, EXCESS RECOVERY IF ANY, IS TO BE DISBURSED TO THE INSURED. 32Compiled by S. M.Gupta
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PROXIMATE CAUSE
� ‘PROXIMATE CAUSE’ : IS THE ACTIVE, EFFICIENT CAUSE THAT SETS IN MOTION A TRAIN OF EVENTS WHICH BRINGS ABOUT A RESULT, WITHOUT THE INTERVENTION OF ANY FORCE STARTING AND WORKING ACTIVELY FROM A NEW AND INDEPENDENT SOURCE.
� INSURER’S ARE LIABLE ONLY, IF AN INSURED PERIL IS THE ‘PROXIMATE CAUSE’ OF THE LOSS.
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MEANING OF MARINE PERILS
� ‘MARITIME PERILS’ UNDER LAW IS DEFINED AS:� THE FORTUITOUS (AN ELEMENT OF
CHANCE OR ILL LUCK) ACCIDENTS OR CASUALTIES OF THE SEA
� WITHOUT THE WILLFUL INTERVENTION OF HUMAN AGENCY
� THE PERILS ARE INCIDENTAL TO THE SEA JOURNEY AND
� THAT ARISES IN CONSEQUENCE OF THE SEA JOURNEY.
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INSURED PERILS
� SOME OF THE INSURED PERILS ARE:
� FIRE, EXPLOSION
� BREAKAGE
� ACCIDENT
� DERAILMENT OF CONVEYANCE
� THEFT
� PILFERAGE
� NON-DELIVERY
� JETTISON….. Compiled by S. M.Gupta
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‘Wilhelm Gustloff’ SINKING, the biggest Maritime disaster in the history. About 9,400 persons were killed in
this disaster in 1945.
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INSURED PERILS
� COLLISION OF ONE SHIP WITH ANOTHER SHIP/ AGAINST ROCKS
� BURNING AND SINKING OF THE SHIP
� SPOILAGE OF CARGO FROM SEA WATER,
� MUTINY, PIRACY OR
� WILLFUL DESTRUCTION OF THE SHIP AND CARGO BY:
� THE MASTER (CAPTAIN) OF THE SHIP OR
� THE CREW.
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Typical Marine Loss of Hull
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UNINSURED PERILS
� SOME OF THE UNINSURED PERILS ARE:� ORDINARY LEAKAGE, ORDINARY LOSS
IN VOLUME OR WEIGHTS OR ORDINARY WEAR & TEAR OF THE SUBJECT-MATTER INSURED
� LOSS OR DAMAGE CAUSED BY INSUFFICIENCY OR UNSUITABILITY OF PACKING
� INHERENT VICE…..
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UNINSURED PERILS
� DAMAGES CAUSED WITHOUT THE INTERVENTION OF ANY EXTERNAL CAUSE
� WILLFUL MISCONDUCT OF THE ASSURED
� LOSS OR DAMAGE ARISING OUT OF INSOLVENCY OR FINANCIAL DEFAULT OF THE OWNERS OR OPERATORS OF THE VESSEL
� LOSS, DAMAGE OR EXPENSE ARISING OUT FROM THE USE OF ANY WEAPON OF WAR EMPLOYING:� ATOMIC OR NUCLEAR FISSION/ FUSION OR
OTHER LIKE � RADIOACTIVE REACTION/ FORCE.
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TYPES OF MARINE POLICY
� MARINE POLICIES ARE KNOWN BY DIFFERENT NAMES, ACCORDING TO THE MANNER OF THEIR EXECUTION, OR THE RISK THEY COVER SUCH AS:� VOYAGE POLICY
� TIME POLICY
� MIXED POLICIES
� VALUED POLICIES
� UNVALUED POLICIES
� OPEN POLICY
� FLOATING POLICY.
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INLAND TRANSIT/IMPORT & EXPORT
� IT CAN THEREFORE BE CONCLUDED THAT BESIDES OTHERS, THE MARINE INSURANCE REFERS BROADLY TO:� TRANSPORTATION RISK INVOLVING:
� MARINE HULL AND
� MARINE CARGO.
� FURTHER, RISK ASSOCIATED WITH THE MARINE INSURANCE, AT DIFFERENT STAGES, WOULD BE DURING:� INLAND TRANSIT OR
� IMPORT AND EXPORT. Compiled by S. M.Gupta
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COMMERCE/ TRADE
� MARINE INSURANCE IS MOST SIGNIFICANT INSURANCE IN:� OVERSEAS COMMERCE AND� DOMESTIC TRADE.
� IT PROVIDES INSURANCE PROTECTION AGAINST:� FORTUITOUS LOSSES LIKE:
� ACCIDENT, FIRE, THEFT, BURGLARY AND
� ALSO NATURAL VAGARIES:� WHILST THE GOODS ARE IN TRANSIT
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MODE OF TRANSPORTATION
� THE GOODS MAY BE IN TRANSIT BY:
� RAIL
� ROAD
� AIR AND
� SEA.
� IT PROVIDES SECURITY FOR:
� VENTURING THE CAPITAL MORE FREELY, BY ALL CONCERNED AND
� EXPANDS THEIR AREA OF OPERATION. Compiled by S. M.Gupta
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World’s biggest truck ‘Midnight Rider Tractor Trailer Limousine’
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IMPORT AND EXPORT
� FOR IMPORT & EXPORT� ‘INSTITUTE CARGO CLAUSES’ (ICC –
‘A’, ‘B’ OR ‘C’) ARE USED.
� THESE CLAUSES ARE FRAMED BY:
� ‘INSTITUTE OF LONDON UNDERWRITERS’
� MOST OF THE COUNTRIES OF THE WORLD INCLUDING INDIA, ARE USING THESE CLAUSES. � THE COVERAGE & THE EXCLUSIONS
ARE EXPLAINED BY WAY OFINSTITUTE CARGO CLAUSES ATTACHED TO THE POLICIES.
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INLAND TRANSIT
� FOR TRANSPORTATION WITHIN THE COUNTRY, THE CLAUSES USED ARE:� ‘INLAND TRANSIT CLAUSES’ (ITC –
‘A’, ‘B’ OD ‘C’)
� WHICH ARE PREPARED BY:� TARIFF ADVISORY COMMITTEE, ARE
ATTACHED TO THE POLICY AND� THE COVERAGE/ EXCLUSIONS ARE
EXPLAINED BY WAY OF ‘INLAND TRANSIT CLAUSES’ ATTACHED TO THE POLICIES.Compiled by S. M.Gupta
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MOVEMENT OF CARGO
� ONCE THE GOODS MOVES OUT FROM THE WAREHOUSE OF THE SELLER TO THE WAREHOUSE OF THE BUYER
� THEY ARE NO LONGER IN THE CUSTODY OF THE SELLER OR THE BUYER
� THE GOODS ARE ENTIRELY IN THE HANDS OF OPERATORS OF THE SHIP AND THEREFORE LARGELY DEPENDENT UPON:� FITNESS & SEA WORTHINESS OF THE SHIP� COMPETENCE OF ALL CONCERNED (CREW
MEMBERS ETC.) FOR SAFETY AND SOUND DELIVERY.
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THE VOYAGE OR TRANSIT
� THE MARINE POLICIES ARE GENERALLY KNOWN AS ‘WAREHOUSE TO WAREHOUSE’, THEREFORE EACH AND EVERY STAGE OF TRANSIT IS IMPORTANT FOR PROPER UNDERWRITING I.E.� CONDITIONS AT THE PORT OF ORIGIN/
DISCHARGE� DISTANCE INVOLVED� DIRECT OR BROKEN (INVOLVING TRANS-
SHIPMENTS)� PORTS OR LOCATIONS INVOLVED…..
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52
THE VOYAGE OR TRANSIT
� LOADING/ UNLOADING AND OTHER FACILITIES THEREON
� PAST EXPERIENCES AT THOSE PORTS
� GENERAL CONDITIONS THERE I.E. OVER BUSY OR NORMAL
� WEATHER CONDITIONS
� CARGO STORED ON-DECK/ UNDER DECK
� CURRENT WORLD EVENTS I.E.� POLITICAL TENSION
� CIVIL WARS
� LABOUR DISTURBANCES ETC. ETC.
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53Compiled by S. M.Gupta
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54
SPECIFIC VOYAGE POLICY
� UNDER THIS POLICY, THE SUBJECT MATTER IS INSURED AGAINST THE RISK OF A PARTICULAR VOYAGE I.E.� FROM THE ‘WAREHOUSE OF THE
CONSIGNER’ TO THE ‘WAREHOUSE OF THE CONSIGNEE’, FOR EXAMPLE:� ‘WAREHOUSE OF CONSIGNER AT
MUMBAI’ TO ‘WAREHOUSE OF THE CONSIGNEE AT NEW YORK’. THEREFORE:
� THE RISK COMMENCES FROM THE DEPARTURE OF GOODS FROM THE ‘WAREHOUSE’ NAMED IN THE POLICY AND
� TERMINATES ON ARRIVAL AT THE ‘WAREHOUSE’ NAMED IN THE POLICY.
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55
SPECIFIC VOYAGE POLICY
� THIS POLICY COVERS THE SUBJECT MATTER IRRESPECTIVE OF THE TIME FACTOR
� THIS POLICY IS NOT SUITABLE FOR ‘HULL INSURANCE’ AS:
� A SHIP USUALLY DOES NOT OPERATE OVER A PARTICULAR ROUTE OR VOYAGE.
� THE POLICY IS USED MOSTLY IN CASE OF ‘CARGO INSURANCE’.
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56
SPECIFIC VOYAGE POLICY
� TO SUM UP, THIS POLICY IS ISSUED FOR:� A ‘SPECIFIC VOYAGE’ (ONE
PLACE TO ANOTHER)� PERIOD OF INSURANCE NOT
VERY SIGNIFICANT HERE AND IS:� SUITABLE FOR CLIENTS HAVING
LIMITED NUMBER OF SENDING’S AND� EXPIRES ON COMPLETION OF THE
VOYAGE.
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57Compiled by S. M.Gupta
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58
OPEN POLICY
� AN ‘OPEN POLICY’ IS ALSO KNOWN AS ‘FLOATING POLICY’
� IT IS ISSUED FOR A PERIOD OF TWELVE MONTHS AND ALL CONSIGNMENTS SENT DURING THE PERIOD ARE COVERED BY THE INSURER’S
� THIS POLICY IS SUITABLE FOR BIG COMPANIES THAT HAVE REGULAR SHIPMENTS
� IT SAVES THEM THE TEDIOUS AND EXPENSIVE PROCESS OF ACQUIRING AN INSURANCE POLICY FOR EACH SHIPMENT.
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59
OPEN POLICY
� THE RATES ARE FIXED IN ADVANCE
� THE ASSURED HAS TO DECLARE THE NATURE OF EACH SHIPMENT AND THE COVER IS PROVIDED TO ALL THE SHIPMENTS
� THE ASSURED NEEDS TO DEPOSIT A PREMIUM FOR:
� THE ESTIMATED VALUE OF THE CONSIGNMENT DURING THE POLICY PERIOD.
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60
DECLARATION
� EACH CONSIGNMENT NEEDS TO BE DECLARED
� ON EACH DECLARATION� THE SUM INSURED GETS REDUCED
� ‘OPEN POLICY’ IS ISSUED FOR AGGREGATE VALUE OF:� ANTICIPATED SHIPMENT DURING THE
PERIOD OF INSURANCE.
� SUM INSURED SHALL NOT BE LESS THAN:� SPECIFIED PERCENTAGE OF ANNUAL
TURNOVER AND� DEPENDING ON THE DISTANCE INVOLVED.
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61
PREMIUM
� AS AND WHEN THE CONSIGNMENTS ARE SENT, THE DECLARATIONS ARE GIVEN TO THE INSURER’S
� THE SUM INSURED IS ADJUSTED ACCORDINGLY
� IF THE PREMIUM IS EXHAUSTED DURING THE YEAR
� ADDITIONAL PREMIUM IS CHARGED ON:� THE RATES ALREADY AGREED UPON
FALLING WHICH:� THE POLICY STANDS TERMINATED.
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62
CERTIFICATE/ POLICY
� A CERTIFICATE IS ISSUED AGAINST EACH DECLARATION
� THE CERTIFICATE OF INSURANCE IS:
� UNSTAMPED WHILST
� THE POLICY IS STAMPED.
� CLAUSES FOR COVERAGE I.E. ‘ITC’ –‘A’, ‘B’ OR ‘C’, ARE ATTACHED TO THE POLICY.
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63
INCREASE IN SUM INSURED
� THE SUM INSURED UNDER THE ‘OPEN POLICY’ CAN BE INCREASED:
� BEFORE THE POLICY IS EXHAUSTED OR
� AFTER THE PREMIUM PAID IS EXHAUSTED.
� BALANCE PREMIUM IF ANY UNDER THE POLICY IS REFUNDED TO THE INSURED
� ‘OPEN POLICIES’ ARE GENERALLY ISSUED FOR ‘INLAND TRANSIT’.
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64
ADVANTAGES
� ADVANTAGES OF ‘OPEN POLICY’:
� AUTOMATIC AND CONTINUOUS INSURANCE PROTECTION
� SAVING IN ADMINISTRATIVE EXPENSES
� SAVING IN STAMP DUTY VIS A VIS:
� ‘SPECIFIC POLICIES’ BEING ISSUED FOR EACH AND EVERY DECLARATION AND
� STAMP DUTY IS CHARGED EVERY TIME.
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65Compiled by S. M.Gupta
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66
OPEN COVER
� ‘OPEN COVER’ GIVES THE INSURED AN AUTOMATIC AND CONTINUOUS INSURANCE PROTECTION SO THAT THERE IS NO RISK OF:
� ANY SHIPMENT REMAINING UNINSURED/ UNCOVERED
� EVEN THROUGH AN OVERSIGHT.
� THE RATES AND TERMS AND CONDITIONS ARE AGREED IN ADVANCE
� ‘OPEN COVER’ IS VALID FOR ONE YEAR.
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67
OPEN COVER
� IT IS OBLIGATORY ON THE PART OF THE INSURED TO DECLARE:� EACH AND EVERY SHIPMENT WITHOUT FAIL
AND
� NO ATTEMPT SHOULD BE MADE TO:� WITHHOLD ANY DECLARATION� TO SAVE PREMIUM.
� AN ‘OPEN COVER’ IS NOT A POLICY BUT IS AN AGREEMENT BINDING IN HONOUR. THE INSURER WOULD INSURE ALL SHIPMENTS AND THE INSURED SIMILARLY BOUND TO DECLARE EACH SHIPMENT.
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68
OPEN COVER
� AS PER THE PROVISIONS OF THE ‘INSURANCE ACT’, THE PREMIUM FOR THE RISKS HAS TO BE PAID IN ADVANCE AND THEREFORE:� THE PREMIUM IS REQUIRED TO BE
PAID ON EACH AND EVERY DECLARATION.
� ‘OPEN COVER’ IS SUITABLE FOR PERSONS ENGAGED IN:� REGULAR IMPORTS AND EXPORTS
AND� SEPARATE POLICY IS ISSUED FOR
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69Compiled by S. M.Gupta
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70Compiled by S. M.Gupta
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71Compiled by S. M.Gupta
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72Compiled by S. M.Gupta
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DUTY INSURANCE
� THIS INSURANCE IS ON INCREASED VALUE OF CARGO, BY REASON OF PAYMENT OF CUSTOM DUTY AT DESTINATION
� IT IS SUBJECT TO SAME CLAUSES AND CONDITIONS AS THE INSURANCE OF CARGO AND
� PAYS THE SAME PERCENTAGE OF LOSS AS MAY BE PAID THEREON, HOWEVER:� EXCLUDING CLAIM IN RESPECT OF:
� TOTAL LOSS OF WHOLE OR PART OF CARGO PRIOR TO DUTY BECOMING PAYABLE.
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INCREASED VALUE INSURANCE
� THIS INSURANCE IS ON INCREASE VALUE BY REASON OF MARKET VALUE OF THE GOODS AT DESTINATION ON THE DATE OF LANDING
� IS HIGHER THAN THE VALUE OF CARGO INSURED
� THE TERMS AND CONDITIONS ARE SAME AS THAT OF THE ORIGINAL POLICY, HOWEVER:� THE INSURER’S PAYS 75% OF THE VALUE & � THE ASSURED HAS TO BEAR 25% OF THE
CLAIM AMOUNT.
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SPECIAL DECLARATION POLICY
� IT IS A FORM OF ‘OPEN POLICY’ OR ‘FLOATING POLICY’ ISSUED TO CLIENT WHO HAVE A LARGE TURNOVER AND
� FREQUENT DISPATCHES OF GOODS ANY WHERE WITHIN THE COUNTRY BY:
� RAIL, ROAD OR INLAND WATERWAYS.
� THE POLICY IS ISSUED TO THE CLIENTS, WHOSE ESTIMATED ANNUAL DISPATCHES ARE FOR AT LEAST 2 CRS.
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ANNUAL POLICY
� ‘ANNUAL POLICY’ UNDER THE MARINE DEPARTMENT IS ISSUED FOR:
� 12 MONTHS TO COVER GOODS BELONGING TO:
� THE ASSURED OR HELD IN TRUST BY THE ASSURED BUT:
� NOT UNDER CONTRACT OF SALE
� OR PURCHASE PROVIDED…..
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ANNUAL POLICY
� SUCH GOODS ARE IN TRANSIT BY RAIL OR ROAD FROM:
� SPECIFIED DEPOTS/ PROCESSING UNITS TO
� OTHER SPECIFIED DEPOTS/ PROCESSING UNITS, HOWEVER:
� THE DEPOTS/ PROCESSING UNITS MUST BE OWNED OR HIRED BY THE ASSURED.
� THE POLICY IS NOT ASSIGNABLE OR TRANSFERABLE.
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SPECIAL STORAGE RISK POLICY (SSRI)
� THE COVER UNDER ‘SPECIAL STORAGE RISK POLICY’ POLICY TAKES INTO CONSIDERATION:
� THE REQUIREMENT OF THE CONSIGNER OF THE GOODS FOR INSURANCE
� TO PROTECT HIS GOODS DURING STORAGE AT:
� RAILWAY YARD OR
� CARRIER PREMISES.
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SPECIAL STORAGE RISK POLICY (SSRI)
� PENDING CLEARANCE BY THE CONSIGNEES ON
� TERMINATION OF COVER (7 DAYS) UNDER ‘OPEN POLICY’ OR ‘SPECIAL DECLARATION POLICY’ (SDP), HOWEVER: � THE COVER IS GRANTED IN
CONJUNCTION WITH ‘OPEN POLICY’ OR
� ‘SDP’ COVERING TRANSIT OF GOODS BY RAIL OR ROAD.
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KINDS OF MARINE LOSSES
80
DIFFERENT TYPES OF MARINE LOSSES
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81Compiled by S. M.Gupta
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82Compiled by S. M.Gupta
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83Compiled by S. M.Gupta
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ANY QUESTIONS?
THANKS
84Compiled by S. M.Gupta