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Topic

MARINE INSURANCE

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introduction

• Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

• Out of marine insurance, grew non-marine insurance and reinsurance

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Marine Insurance Act

• Marine Insurance Act 1963 in India

• Guided by the various clauses formulated by the Institute of London Underwriters & the international commercial terms known as ‘Incoterms’ developed by ICC (International Chamber of Commerce).

• Designed to regulate the transaction of marine insurance businesses of hull, cargo and freight.

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TYPES OF MARINE INSURANCE

• Hull Insurance

• Cargo Insurance

• Freight Insurance

• Marine Liability Insurance

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Other policies

• Voyage Policy• Time Policy• Mixed Policy• Open (or) Un-valued Policy• Valued Policy• Port risk policy• Wager policy• Floating policy

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MARINE INSURANCE CONTRACT

A contract or policy of marine insurance is an arrangement whereby one person called insurer or underwriter, agrees, according to specific terms of

contract, to indemnify another person, called assured, for the losses incurred in connection with property, such as ship, goods or other movables, in maritime

transport.

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ELEMENTS OF CONTRACT

1) Features of General Contract• Proposal• Acceptance• Consideration• Issue of policy

2) Insurable interest

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3) Utmost Good Faith

4) Doctrine of Indemnity

5) Doctrine of Subrogation

6) Warranties• Express Warranties• Implied Warranties.

7) Proximate Cause

8) Assignment

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MARINE CARGO POLICYi. Inland Transport– Specific Policy– Open Policy– Special Declaration Policy– Multi-Transit Policy

ii. Import/Export– Specific policy– Open cover– Custom Duty Cover

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Marine Hull Policy

Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing

vessels.

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CONCLUSION

1. Importance Of Marine Insurance For The Individual

2. Importance Of marine Insurance For Ship-owner

3. Importance Of Marine Insurance For Freight4. Importance of Marine Insurance for Cargo

Owner5. Importance Of Marine Insurance For The

Government

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REFERENCES

• Wikipedia• http://howtoexportimport.com/• www.slideshare.net/• mgif.maharashtra.gov.in/• http://www.marineinsight.com/• www.admiraltylaw.com/

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THANK YOU