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    Marine Insurance: BY - Ritika Jain Nikita Kejriwal Proloy Paul Nikesh Poddar Ankur Choudhary

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    Ritika Jain
    This document provides an overview of marine insurance. It begins with an introduction to general insurance in India and its history. It then defines marine insurance as a contract that indemnifies the insured against losses related to marine adventures. It describes the main types of marine insurance as ocean marine insurance and inland marine insurance. Ocean marine insurance covers hull, cargo, protection and indemnity, and freight, while inland marine developed to cover overland transportation. The document outlines several categories and policies of marine insurance and their key features.

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    Marine Insurance: BY - Ritika Jain Nikita Kejriwal Proloy Paul Nikesh Poddar Ankur Choudhary

    Uploaded by

    Ritika Jain
    174 views17 pages
    This document provides an overview of marine insurance. It begins with an introduction to general insurance in India and its history. It then defines marine insurance as a contract that indemnifies the insured against losses related to marine adventures. It describes the main types of marine insurance as ocean marine insurance and inland marine insurance. Ocean marine insurance covers hull, cargo, protection and indemnity, and freight, while inland marine developed to cover overland transportation. The document outlines several categories and policies of marine insurance and their key features.

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    MARINE INSURANCE

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    This document provides an overview of marine insurance. It begins with an introduction to general insurance in India and its history. It then defines marine insurance as a contract that indemnifies the insured against losses related to marine adventures. It describes the main types of marine insurance as ocean marine insurance and inland marine insurance. Ocean marine insurance covers hull, cargo, protection and indemnity, and freight, while inland marine developed to cover overland transportation. The document outlines several categories and policies of marine insurance and their key features.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    174 views17 pages

    Marine Insurance: BY - Ritika Jain Nikita Kejriwal Proloy Paul Nikesh Poddar Ankur Choudhary

    Uploaded by

    Ritika Jain
    This document provides an overview of marine insurance. It begins with an introduction to general insurance in India and its history. It then defines marine insurance as a contract that indemnifies the insured against losses related to marine adventures. It describes the main types of marine insurance as ocean marine insurance and inland marine insurance. Ocean marine insurance covers hull, cargo, protection and indemnity, and freight, while inland marine developed to cover overland transportation. The document outlines several categories and policies of marine insurance and their key features.

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    of 17

    MARINE INSURANCE

    BY ;-
    RITIKA JAIN
    NIKITA KEJRIWAL
    PROLOY PAUL
    NIKESH PODDAR
    ANKUR CHOUDHARY
    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)
    1)
    PRINCIPLES
    PRINCIPLES BY
    BY GEORGE
    GEORGE
    OF
    OF RISK
    RISK E.
    E. REJDA
    REJDA
    MANAGEME
    MANAGEME
    NT
    NT

    2)
    2)
    INSURANCE
    INSURANCE BY
    BY DR.
    DR. P.
    P. K.
    K.
    AND
    AND RISK
    RISK GUPTA
    GUPTA
    MANAGEME
    MANAGEME
    NT
    NT
    THANK YOU

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