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    Marine Insurance

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    swastina
    Marine insurance has evolved over 5000 years to protect merchants transporting cargo via water. The first recorded need for marine insurance was in ancient China. Formal marine insurance later emerged in Lloyd's Coffee House in 1680 in England. Key developments include the Marine Insurance Act of 1906 and its implementation in India in 1963. Marine insurance follows the principles of indemnity, utmost good faith, and proximate cause. It insures ships, cargo, and liabilities from perils like fire, sinking, damage, and theft during voyages or for set time periods under policies like voyage, time, valued, and unvalued.

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    Marine Insurance

    Uploaded by

    swastina
    856 views40 pages
    Marine insurance has evolved over 5000 years to protect merchants transporting cargo via water. The first recorded need for marine insurance was in ancient China. Formal marine insurance later emerged in Lloyd's Coffee House in 1680 in England. Key developments include the Marine Insurance Act of 1906 and its implementation in India in 1963. Marine insurance follows the principles of indemnity, utmost good faith, and proximate cause. It insures ships, cargo, and liabilities from perils like fire, sinking, damage, and theft during voyages or for set time periods under policies like voyage, time, valued, and unvalued.

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    Marine insurance has evolved over 5000 years to protect merchants transporting cargo via water. The first recorded need for marine insurance was in ancient China. Formal marine insurance later emerged in Lloyd's Coffee House in 1680 in England. Key developments include the Marine Insurance Act of 1906 and its implementation in India in 1963. Marine insurance follows the principles of indemnity, utmost good faith, and proximate cause. It insures ships, cargo, and liabilities from perils like fire, sinking, damage, and theft during voyages or for set time periods under policies like voyage, time, valued, and unvalued.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    856 views40 pages

    Marine Insurance

    Uploaded by

    swastina
    Marine insurance has evolved over 5000 years to protect merchants transporting cargo via water. The first recorded need for marine insurance was in ancient China. Formal marine insurance later emerged in Lloyd's Coffee House in 1680 in England. Key developments include the Marine Insurance Act of 1906 and its implementation in India in 1963. Marine insurance follows the principles of indemnity, utmost good faith, and proximate cause. It insures ships, cargo, and liabilities from perils like fire, sinking, damage, and theft during voyages or for set time periods under policies like voyage, time, valued, and unvalued.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 40

    MARINE

    INSURANCE
    EVOLUTION
    About 5000 years ago, Chinese
    merchants engaged in trade on
    the Yangtze River used to
    distribute their cargoes to
    different boats so that safe
    passage was ensured when
    they had to cross the rapid
    waters.
    It was then for the
    very first time that
    the need of Marine
    Insurance was felt!
    1680-The humble
    coffee house opened
    by Edward Lloyd
    saw the beginning of
    marine insurance.
    1906-Formation of
    English Marine
    Insurance Act
    1963- The Marine
    Insurance Act was given a
    legislative form in India.
    Its operations started from
    1st August’63.
    What is Insurance?
    Insurance means a contract
    where the insurer agrees to
    indemnify the insured against
    loss resulting to him on the
    happening of an event(s)
    specified in the policy of
    insurance.
    What Is Marine
    Insurance?
    It secures the
    Dimensions of
    It is a Marine
    The subject matter
    of the agreement Insurance
    assured for the
    CONTRACT. marine losses.
    includes-

    HULL INSURANCE CARGO INSURANCE


    Insurance of vessel and its It includes ships, mechanized
    equipments, the machinery are boats and consignment through
    included under hull insurance. rail and road.
    It is a contract between the
    insurer and the insured that
    covers the loss or damage of
    ships, cargo and property by
    which the cargo is transferred,
    acquired or held between the
    points of origin and final
    destination.
    Why do we need
    Marine
    Insurance?
    Oceans and seas are home to
    various RISKS and PERILS
    FIRE
    Sinking, stranding of a
    vessel or craft
    Overturning of a land
    conveyance, derailment,
    collision or breakage of bridges
    Fresh water/ rain/ salt
    water damage.
    ‘Acts of god’ such as lightning,
    earthquake, volcanic eruption,
    landslide, floods,
    hurricanes, storm, etc.
    Theft,
    pirates
    or
    non-
    delivery
    Vessel damages-
    breakage, leakage.
    Therefore, we need
    Marine Insurance.
    Marine policy
    The marine insurance
    policy is an important
    document by an insurer
    as an evidence of
    conclusion of the contract.
    It is of 4 types:
    VOYAGE POLICY-

    It contains the place from where


    the insurance cover is applied to
    the destination up to which the
    insurance coverage is available.
    Example-
    If the goods are to be sent from
    Jaipur to Tokyo, then the voyage
    policy would provide insurance
    from Jaipur to Tokyo.
    Any deviation from the said route
    would invalidate the policy.
    TIME POLICY-
    It is a marine policy in
    which the insurance of the
    subject matter is made for a
    definite period of time.
    Example-
    In case if the goods are
    loaded on 11th January 2011
    and are supposed to reach in
    6 months then the marine
    policy will be applicable till
    11th July 2011 only.
    VALUED POLICY-
    The parties of contract, the
    insured and the insurer
    mutually agree upon the value
    which is compensated when
    there is damage or loss.
    UNVALUED POLICY-

    It is a policy, which is open


    and has no agreed value
    other than the specified limit
    of insurance amount or sum.
    The marine insurance has the
    following essential features
    which are also called
    Fundamental Principles
    Of Marine Insurance.
    PRINCIPLE OF INDEMNITY
    1.Indemnity compensates the
    promisee from the losses caused to
    him by the promisor himself or
    others.
    2.The principle of indemnity is not
    effective if the loss is caused by any
    other natural agencies.
    3.Indemnity as a contract saves the
    assured from the losses of the asset.
     
    PRINCIPLE OF GOOD FAITH
    (UBERRIMA FIDES)
    1.The insured and the insurer are under
    obligation to deal with the contract of
    insurance with good faith and good
    intentions.
    2.The insurer and the insured are under
    equal obligation to inform the other
    about the knowledge that they have in
    relation to the insurance contract and its
    subject matter.
    PRINCIPLE OF PROXIMATE
    CAUSE
    1.Proximate cause is the immediate
    cause that results in the loss of the asset.
    It is that cause without which the loss
    would not have occurred.
    2.The marine act defines the risks and
    the perils. If the insured suffers from
    perils or the proximate clause which is
    not included in the policy, the claim
    cannot be honoured.
    In Closing
    We Learnt-

    EVOLUTION

    MEANIN MARINE RISKS


    AND
    G INSURANC
    TYPES PERILS
    E IMPORTANT
    OF
    PRINCIPLES
    POLIC
    Connecting the Knowledge
    I963

    MARINE INSURANCE ACT

    CONTRACT- COVERS RISK TO SHIPS,


    CARGO
    FIRE
    VOYA
    GE

    TIME

    VALUE
    D

    UN
    VALUED
    P
    R INDEMNITY

    I
    N
    C GOOD FAITH

    I
    P
    L PROXIMATE CAUSE

    E
    S
    Photographic and Text Citations

    •Insurance law and regulation- vol III

    •Marine cargo insurance

    •Photos- google images

    •http://www.scribd.com/doc/35370203/
    marine

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