MARINE INSURANCE

Name
Class Div Roll no Subject Faculty

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Taranjeet Singh Randhawa

SY BMS B 2368 Banking And Insurance Miss. Nithya Varghese

OVERVIEW
INTRODUCTION TO GENERAL INSURANCE

HISTORY OF MARINE INSURANCE

WHAT IS MARINE INSURANCE? TYPES OF MARINE INSURANCE

OCEAN MARINE IN SURANCE AND ITS TYPES

INLAND MARINE INSURANCE AND ITS TYPES\ MARINE INSURANCE POLICIES,ITS SALIENT

FEATURES AND TYPES

INTRODUCTION TO GENERAL INSURANCE

General Insurance sector in India dates back to 1850,

when Tritron Insurance company, for general insurance was incorporated in 1907, the Indian Mercantile Insurance Co. Ltd was set up. Insurance Act was passed in 1928 but subsequently reviewed in 1938 In 1968, the Insurance Act, 1938 was amended.

CONTD.
Prior to 1973, general insurance was urban-centric

107 insurers including branches of foreign companies

operating the country were amalgamated. GIC was incorporated as a company in 1972 GoI subscribed to the capital of GIC. GIC, in turn, subscribed to the following four companies :i) National Insurance Co. Ltd ii) New India Assurance Co. Ltd iii) Oriental Fire and general Insurance Co. Ltd iv) United India Insurance Co. Ltd

CONTD.
New players have also ventured into general insurance

business. They are :i) Tata AIG General Insurance Co. Ltd ii) Bajaj Allianz General Insurance Co. Ltd iii) Reliance General insurance Co. Ltd iv) Royal Sundraram General Insurance Co. Ltd v) IFFCO TOKIO General Insurance Co. Ltd vi) ICICI Lombard General insurance Co. Ltd

HISTORY OF MARINE INSURANCE

Ocean marine insurance is one of the earliest forms of

insurance Coincident with the development of trade in the Mediterranean Sea 2000 years before the birth of Christ, insurance transactions emerged as distinct commercial agreements Bottomary was a transaction protecting an owner from financial loss if his ship was destroyed Today, marine insurance is essential to international commerce

WHAT IS MARINE INSURANCE ???

A contract of marine insurance is an agreement

whereby the insurer undertakes to indemnify the assured in a manner and to the extent thereby agreed, against marine losses i.e, the losses incidental to marine adventure.

TYPES OF MARINE INSURANCE

Ocean marine insurance Inland marine insurance

OCEAN MARINE INSURANCE

Ocean marine insurance is one of the forms of

transportation insurance The ocean marine contracts are incredibly complex, reflecting basic marine law, trade customs, and court interpretations of the various policy provisions

BASIC CLASSES OF OCEAN MARINE INSURANCE

HULL INSURANCE

CARGO INSURANCE PROCTECTION AND INDEMNITY (P& I) INSURANCE FREIGHT INSURANCE

INLAND MARINE INSURANCE

Inland marine insurance grew out of ocean marine

insurance. Inland marine insurance developed in the 1920s to cover property being transported over land, means of transportation such as bridges and tunnels, and property of a mobile nature.

CATEGORIES OF INLAND MARINE INSURANCE

FILED FORMS NONFILED FORMS

MARINE INSURANCE POLICIES

Marine insurance policies cover risks associated with

transhipments of goods like :1) Transit of heavy goods such as rail engines by shipping vessels 2) Consignment of diamonds sent by post 3) Movement of household goods by rail/road/air 4) Risks vary with the type of business transacted whether it is by importers, exporters or trading house. 5) Some form of life and transit risks is still undertaken by INDIAN POSTS & TELEGRAPHS DEPT

SALIENT FEATURES OF MARINE INSURANCE POLICIES

The striking features of marine insurance policies is

that they are issued on agreed value basis The values agreed may include all expenses incurred or to be incurred and some amount of profit margins as well The contracts can be supply of goods on : i) ex-factory/godown/warehouse basis ii) F.O.B basis iii) F.O.R basis iv) C & F

TYPES OF POLICIES
There are different types of marine policies known by different

names according to the manner of their execution or the risk cover :i) Voyage policy ii) Annual policy iii) Declaration policy iv) Special declaration policy v) Open cover vi) Duty policy vii) Increased value policy viii) Marine LOP ix) Marine Cum Erection

REFERENCES

1) PRINCIPLES OF RISK MANAGEMENT

BY GEORGE E. REJDA

2) INSURANCE AND RISK MANAGEMENT

BY DR. P. K. GUPTA