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marine insurance

Marine Insurance

Marine insurance in general covers the damage or the loss of ships . terminals , cargo .
the marine policy only covers three quarters of liabilities of the insured side towards the third parties .
Actual Total Loss and Constructive Total Loss used to differentiate the degree of proof where a vessel or cargo has been lost.

Actual Total Loss is the situation where the position is clear while Constructive Total Loss is the situation where a loss is inferred. In practice, a Constructive Total Loss can be used to describe a loss where the cost of repair is not economic
There is various types of specialist policies for the marine insurance

Newbuilding risks : covers the damage risks to the hull whilst it is under construction.

Yacht Insurance: Insurance of pleasure craft is known as 'yacht insurance' and includes liability coverage. Smaller vessels, like yachts and fishing vessels and other vessels ,
War risks : Usual Hull insurance does not cover the risks of a vessel sailing into a war zone. A typical example is the risk to a tanker sailing in the Persian Gulf during the Gulf War. War risks cover protects, at an additional premium, against the danger of loss in a war zone. The war risks areas are established by the London-based Joint War Committee, which has recently moved to include the Malacca Straits as a war risks area due to piracy .

Increased Value (IV) :this type of policies protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel.

Overdue insurance: This is a form of insurance now largely obsolete due to advances in communications. It was an early form of reinsurance and was bought by an insurer when a ship was late at arriving at her destination port and there was a risk that she might have been lost (but, equally, might simply have been delayed). The overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's.

Cargo insurance : Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie.



 



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