classification of insurance property insurance (marine)
DESCRIPTION
The Scope of Insurance: Classification of insurance property insurance (marine)TRANSCRIPT
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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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