classification of insurance property insurance (marine)

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Group Members1)Mohammad Wahidul Haque111-11-19062)Abul kalam Azad111-11-17703)Faruqul Islam111-11-17794)Sohag Parvez111-11-17725)Monjur Morshed Rahat111-11-1774

THE SCOPE OF INSURANCE

Classification of Insurance Property Insurance (Marine)

CLASSIFICATION OF INSURANCE

There are two ways of the classification of the insurance which are as follows:

Branch Wise Classification

Subject Matter Wise classification

Branch Wise Classification1. Marine Hull, meaning the insurance of ship. Cargo, meaning the insurance of goods. Freight, meaning the insurance of the

consideration received of receivable, paid or payable for the conveyance of goods.

2. Fire Loss , damage or destruction by fire and

other special risks to material property. Loss of profit rising due to material damage.

Branch Wise Classification

3. Life Ordinary life assuranceIndustrial life assurance Annuity Group life assurance & pensionPersonal accident insurance

Branch Wise Classification

4. Accident Personal accident Burglary MotorEmployers liability Public liability Product liability Cash in safe & transit Fidelity guarantee

Branch Wise Classification

Professional indemnity Boiler & electrical plant insurance Erection & contractors all risk Aviation insurance Glass insurance Crop insurance Credit insurance Live stock insurance War risk insurance

Branch Wise Classification

Subject Matter Wise Classification There are four types of subject matter wise

classification which are as follows:1. Insurance of Person2. Insurance of Property3. Insurance of Liability4. Insurance of Interest

Insurance of Person deals with life insurance personal accident insurance

Subject Matter Wise Classification

2. Insurance of Property deals with all types property insurance includes material loss under fire, marine,

motor, engineering and aviation insurance

Subject Matter Wise Classification

3. Insurance of Liability deals with all types of liability insurance such as employers liability, public liability

and so on.

Subject Matter Wise Classification

4. Insurance of Interest deals with protection of financial interest

includes policies like fidelity guarantee and credit insurance etc.

Subject Matter Wise Classification

A policy covering property, liability and interest will contain under this branch.

Property Insurance

Subject matter of insurance Hull Cargo Freight

Marine Insurance

o Hull refers to the ship the ship owner can insure it against probable

losses.

Marine Insurance

cargo refers to the goods or merchandise such goods ort merchandise may be

damaged the owner can insure against the probable

losses.

Marine Insurance

Freight refers to the consideration payable to the

ship in respect of carriage of goods by the owner’s ship.

Marine Insurance

There are usually five types of marine policies which are as follows:

1. Time policy 2. Voyage policy3. Mixed policy4. Floating policy(open cover)5. Building risk policy

Types of marine policies

Time factor is vital subject matter is one year In order to validate a claim, the loss must

take place during the time period Hull is insured on this basis

Time policy

Voyage is vital covers a particular voyage In order to validate a claim, the loss must

take place during the voyage.Usually cargo is insured on this basis

Voyage Policy

covers both time as well as voyage popularity is increasing day by day

Mixed Policy

is used for cargo insurance is issued for a round sum covering the

numbers of anticipated shipments the insured declares the shipment & obtains

a certificate of insurance from the insurers the policy comes to an end when the sum is

exhausted

Floating Policy

specific policies are required to be issued against each and every shipment

every shipment is to be declared by the insured, as per terms and conditions of the cover note

Open cover

issued in respect of ships in the process of erection or building at dockyards

Building risk policy

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