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Meaning
Section 3 of the marine insurance act 1963 defines marine insurance as an agreement whereby the insurer undertakes to indemnify the assured in a manner and to the extent thereby agreed against marine losses .
MARINE PERILS
Perils of the sea: It refers to fortuitous accidents of the sea. Eg. Collision, sinking of vessel when it strikes upon a sunken rock and heavy storms Fire: resulting from lighting, explosion etc., Enemies: includes all types of ships belonging to the enemy countries Jettison: It refers to the voluntary and intentional throwing over board for the purpose of lightning or relieving the ship in case of necessity or emergency to safeguard the ship
Barratry: It refers to every wrongful act willfully committed by the master or crew to the owner of the ship eg. Setting fire to the cargo Pirates (sea robbers), rovers (wanderers and pirates on high seas and thieves( robbers using force or violence) Men-of-war: It means vessels authorized and maintained by the nations for the purpose of defense or attack
Restraints: The prevention of free use of port by the government of a particular country is known as restraint Detainments : It refers to forcible stoppage of vessel Letter of mart: It indicates the power granted by a country to persons authorizing them to attack an enemy merchant ship Letter of counter mart: It refers to the power granted by the opposing nation to retaliate such attacks Surprisals: It refers to the capture of vessel by the cargo enemies
Blanket policy: Maximum policy is taken and maximum premium is made and is readjusted at the end of the term of the policy and in case, if the premium paid is more, the excess is refunded Valued policy: Value specified in the policy Unvalued policy: Market value is considered Single vessel policy: single ship Fleet policy: several ships Block policy: Covers risks from the time of collection to the port of destination
Port risk policy: Protection to ship when it is anchored in a port Named policy: when a policy contains name of a ship. It is called named policy Construction builders risk: Covering risk during the period of construction.
Inchmaree clause: This clause covers losses caused by the negligence of the master, crew, pilots etc. At and from clause : Sue and labor clause : reasonable care should be taken Running down or collision clause Touch and stay clause: This clause permits the ship to touch and stay at ports as mentioned in the policy
Re-insurance clause: Valuation clause: verifying the details regarding desciption, quantity, quality weight etc., Premium clause: This clause contains an acknowledgement on the part of the underwriter of having received the premium Warehouse to warehouse clause Memorandum clause: N.B Clause(Nota bena clause) The insurer is not liable for perishable nature of cargo.
Continuation clause: This pertains to time policy and pro-rata premium is paid PREMIUM CALCULATION Numerical rating: Assigning marks according to the nature of risks. Judgment method
Miscellaneous insurance
Motor insurance Legal liability insurance Public liability insurance: compulsory one for handling hazardous substances as per environment protection act 1986. Product Liability insurance : provide indemnity for any claim caused by harmful or defective in the products sold Professional indemnity insurance Workmen compensation insurance Accident and Hospitalization insurance Personal accident insurance Mediclaim insurance Group mediclaim insurance Overseas mediclaim insurance
Business insurance
Burglary insurance Money-in-transit insurance Fidelity guarantee insurance Neon sign insurance Jewellers block insurance Jewellery shop owner Shopkeepers insurance Duty insurance Plate glass insurance
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Other insurances
Sports insurance Special contingency policy( eg.abandonment of cricket match Student safety insurance Aviation insurance