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    Insurance

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    Jomer Pascua
    Marine insurance provides indemnification for losses caused by perils of the sea, which are defined as accidents distinct to the sea that occur without human intervention or error, such as typhoons. This is the main distinction from land-based insurance. Marine insurance includes liability insurance, which covers the insured's liability if their vessel damages another ship or property, similar to third-party auto insurance. It also includes hull and machinery insurance, which protects the physical integrity of the vessel itself, analogous to auto comprehensive coverage. Due to the importance of the ship's hull and machinery for safe cargo transport, owners are advised to purchase this type of coverage.

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    Insurance

    Uploaded by

    Jomer Pascua
    53 views3 pages
    Marine insurance provides indemnification for losses caused by perils of the sea, which are defined as accidents distinct to the sea that occur without human intervention or error, such as typhoons. This is the main distinction from land-based insurance. Marine insurance includes liability insurance, which covers the insured's liability if their vessel damages another ship or property, similar to third-party auto insurance. It also includes hull and machinery insurance, which protects the physical integrity of the vessel itself, analogous to auto comprehensive coverage. Due to the importance of the ship's hull and machinery for safe cargo transport, owners are advised to purchase this type of coverage.

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    Marine insurance provides indemnification for losses caused by perils of the sea, which are defined as accidents distinct to the sea that occur without human intervention or error, such as typhoons. This is the main distinction from land-based insurance. Marine insurance includes liability insurance, which covers the insured's liability if their vessel damages another ship or property, similar to third-party auto insurance. It also includes hull and machinery insurance, which protects the physical integrity of the vessel itself, analogous to auto comprehensive coverage. Due to the importance of the ship's hull and machinery for safe cargo transport, owners are advised to purchase this type of coverage.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    53 views3 pages

    Insurance

    Uploaded by

    Jomer Pascua
    Marine insurance provides indemnification for losses caused by perils of the sea, which are defined as accidents distinct to the sea that occur without human intervention or error, such as typhoons. This is the main distinction from land-based insurance. Marine insurance includes liability insurance, which covers the insured's liability if their vessel damages another ship or property, similar to third-party auto insurance. It also includes hull and machinery insurance, which protects the physical integrity of the vessel itself, analogous to auto comprehensive coverage. Due to the importance of the ship's hull and machinery for safe cargo transport, owners are advised to purchase this type of coverage.

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    of 3

    SUBJECT: MARINE INSURANCE CLAIM AND LIABILITY

    Professor: ATTY. ROEL S. SAGUID (LLM)

    TOPIC: MARINE INSURANCE

    SUBMITTED BY: CAPTAIN JOMER D. PASCUA,MM- Student MSM

    ACTIVITY

    Instructions: Distinguish land-based insurance from Marine Insurance? What is its


    main distinction, if any? minimum 500words; maximum 700words Discuss. Use your
    own words. Plagiarism is an academic crime. I know how to read the book. Explain
    what you learned. Gentle reminder.

    Comparison of Marine Insurance to Land-Based Insurance:

    The main distinction of marine insurance to land-based insurance is the so-called


    “indemnification”.

    Indemnification:
    It is an act of recompensating someone of his loss against damages due to
    fortuitous events. In marine insurance loss against damages caused due to perils
    of the sea, compared to land-based insurance it has an encompassing and wide
    range of risks covered to indemnify the owner the amount of insurance that may
    be carried out in the event of a loss against damages caused due to perils of the
    sea-based on the plans chosen. This can be further categorized into various
    types of insurance policy and specify terms in the insurance contract with a
    limitation as to what type of incident/accident for which the insurance company
    will pay as an indemnity. One of the terms uniquely found in a Marine Insurance
    contract is the word “perils of the sea”.

    Perils of the Sea:


    “Perils of the sea” in a mariner’s term means innate accidents distinct to the sea
    without human intervention or human error likewise known as “Act of God”. In
    the aspect of human error, it must fall in the category of beyond human skills and
    prudence in particular typhoons, dynamic forces like wind, current, and waves. In
    the case of collision/allision, the liability of the vessel’s owner for the imprudence
    of his ship’s Master, the officers and crew if the accident is considered beyond
    human skills and prudence assess the risk and establish the premium to be paid
    referring to the COLREG 1972 applied to all ships flying the flag of registry
    ratified or the inland rules of the road and local law inside territorial waters. These
    are well stipulated in Rule 2 of the Rules of the Road paragraph a and b which
    states that:
    “a. Nothing in these Rules shall exonerate any vessel, or the owner, master or
    crew thereof, from the
    consequences of any neglect to comply with these Rules or of the neglect of any
    precaution which
    maybe required by the ordinary practice of seamen, or by the special
    circumstances of the case.
    (b) In construing and complying with these Rules due regard shall be had to all
    dangers of navigation and
    collision and to any special circumstances, including the limitations of the
    vessels involved, which maymake a departure from these Rules necessary to
    avoid immediate danger.” 1 source: Convention on the International Regulations for
    Preventing Collisions at Sea, 1972 (COLREGs)

    The Marine Liability Insurance


    The marine liability insurance can be likened to third-party insurance in motor
    vehicles which can be encountered by the insured party. For example, when
    cargo is being carried by a vessel and that vessel collided with another vessel
    causing damages, the marine liability insurer will indemnify the vessel’s owner of
    his liability incurred from the accident. Loss of or damage to any other vessel or
    property caused by the insured vessel. This includes personal injury, illness or
    death to the third party, maritime pollution, wreckage removal, and damaged or
    lost cargo.
    Hull and Machinery Insurance
    The hull and machinery insurance can be likened to car comprehensive coverage
    where the insured party is protected against physical damage to their
    automobiles, the insurer provides physical damage protection for the vessels
    including its machinery.
    Since the soundness and normal operation of the hull and machinery of a ship is
    key to the safe transportation and delivery of any cargo or freight, it is highly
    advisable that ship owners purchase hull and machinery insurance.

    REFERENCE:
    1. Convention on the International Regulations for Preventing Collisions at Sea,
    1972 (COLREGs)

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