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Name : Taranjeet Singh Randhawa

Class : SY BMS

Div : B

Roll no : 2368Subject : Banking And Insurance

Faculty : Miss. Nithya Varghese

MARINE INSURANCE

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OVERVIEW

INTRODUCTION TO GENERAL INSURANCE

HISTORY OF MARINE INSURANCE

WHAT IS MARINE INSURANCE?

TYPES OF MARINE INSURANCE

OCEAN MARINE IN SURANCE AND ITS TYPES

INLAND MARINE INSURANCE AND ITS TYPES\

MARINE INSURANCE POLICIES,ITS SALIENTFEATURES AND TYPES

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INTRODUCTION TO GENERAL

INSURANCE

General Insurance sector in India dates back to 1850,

when Tritron Insurance company, for general

insurance was incorporated in 1907, the Indian

Mercantile Insurance Co. Ltd was set up. Insurance Act was passed in 1928 but subsequently

reviewed in 1938

In 1968, the Insurance Act, 1938 was amended.

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CONTD.

Prior to 1973, general insurance was urban-centric

107 insurers including branches of foreign companiesoperating the country were amalgamated.

GIC was incorporated as a company in 1972

GoI subscribed to the capital of GIC. GIC, in turn,subscribed to the following four companies :-

i) National Insurance Co. Ltd

ii) New India Assurance Co. Ltdiii) Oriental Fire and general Insurance Co. Ltd

iv) United India Insurance Co. Ltd

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CONTD.

New players have also ventured into general insurance

business. They are :-

i) Tata AIG General Insurance Co. Ltd

ii) Bajaj Allianz General Insurance Co. Ltd

iii) Reliance General insurance Co. Ltd

iv) Royal Sundraram General Insurance Co. Ltd

v) IFFCO TOKIO General Insurance Co. Ltdvi) ICICI Lombard General insurance Co. Ltd

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HISTORY OF MARINE INSURANCE

Ocean marine insurance is one of the earliest forms ofinsurance

Coincident with the development of trade in theMediterranean Sea 2000 years before the birth ofChrist, insurance transactions emerged as distinctcommercial agreements

Bottomary was a transaction protecting an owner fromfinancial loss if his ship was destroyed

Today, marine insurance is essential to internationalcommerce

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WHAT IS MARINE INSURANCE ???

A contract of marine insurance is an agreement

whereby the insurer undertakes to indemnify the

assured in a manner and to the extent thereby agreed,

against marine losses i.e, the losses incidental tomarine adventure.

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TYPES OF MARINE INSURANCE

Ocean marineinsurance

Inland marineinsurance

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OCEAN MARINE INSURANCE

Ocean marine insurance is one of the forms of

transportation insurance

The ocean marine contracts are incredibly complex,

reflecting basic marine law, trade customs, and courtinterpretations of the various policy provisions

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BASIC CLASSES OF OCEAN MARINE

INSURANCE

HULL INSURANCE

CARGO INSURANCE

PROCTECTION AND INDEMNITY(P& I) INSURANCE

FREIGHT INSURANCE

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INLAND MARINE INSURANCE

Inland marine insurance grew out of ocean marine

insurance.

Inland marine insurance developed in the 1920s to

cover property being transported over land, means oftransportation such as bridges and tunnels, and

property of a mobile nature.

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CATEGORIES OF INLAND MARINE

INSURANCE

FILED FORMS

NONFILEDFORMS

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MARINE INSURANCE POLICIES

Marine insurance policies cover risks associated withtranshipments of goods like :-

1) Transit of heavy goods such as rail engines by shippingvessels

2) Consignment of diamonds sent by post

3) Movement of household goods by rail/road/air

4) Risks vary with the type of business transacted whetherit is by importers, exporters or trading house.

5) Some form of life and transit risks is still undertaken byINDIAN POSTS & TELEGRAPHS DEPT

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SALIENT FEATURES OF MARINE

INSURANCE POLICIES

The striking features of marine insurance policies isthat they are issued on agreed value basis

The values agreed may include all expenses incurredor to be incurred and some amount of profit marginsas well

The contracts can be supply of goods on :

i) ex-factory/godown/warehouse basis

ii) F.O.B basisiii) F.O.R basis

iv) C & F

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TYPES OF POLICIES

There are different types of marine policies known by differentnames according to the manner of their execution or the riskcover :-

i) Voyage policy

ii) Annual policy

iii) Declaration policy

iv) Special declaration policy

v) Open cover

vi) Duty policy

vii) Increased value policy

viii) Marine LOP

ix) Marine Cum Erection

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REFERENCES

1) PRINCIPLESOF RISK

MANAGEMENT

BY GEORGE E.REJDA

2)INSURANCE

AND RISKMANAGEMENT

BY DR. P. K.

GUPTA

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