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Marine Insurance

Marine Insurance. Purpose. The purpose of marine insurance is to protect ships and their cargoes against sea-risks. A MARINE INSURANCE POLICY INCLUDES: Name of the insured The goods transported The risk The voyage or time The sum insured The name of the insurers Signature of insurers.

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Marine Insurance

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  1. Marine Insurance

  2. Purpose The purpose of marine insurance is to protect ships and their cargoes against sea-risks. • A MARINE INSURANCE POLICY INCLUDES: • Name of the insured • The goods transported • The risk • The voyage or time • The sum insured • The name of the insurers • Signature of insurers

  3. Rate of premium •  Nature of the goods •  The quality of the packing • The length of the voyage •  The ship’s sea-worthiness

  4. Process

  5. Types of marine policy

  6. Types of risks In marine insurance, an “average” is a partial loss of vessel or cargo. The at-sea risks to which a ship and her cargo are liable may be classed under two headings: particular average and general average.

  7. Types of protection Two types of protection (cover) are proposed by the insurers in sea carriage.

  8. Exercise • The insurers will in the first place ascertain the ____________ of the vessel. • Soundness • Safeness • Resilience • Seaworthiness • Flags of ____________ are those of Liberia, Panama, Honduras and a few other countries. • Complacency • Accommodation • Convenience • Willingness • The word ____________ is now used mostly for life and marine insurance. • Assurance • Security • Ensuring • Safeguard

  9. Exercise cont… • The hull and cargo must be duly insured with a marine ____________. • Company • Contractor • Underwriter • Subscriber • The contract includes a provision for non performance due to ____________. • Force majeure • Overpower • Compulsion • fortune

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