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Marine insurance

Date post: 20-Nov-2014
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MARINE INSURANCE Contents… The International Marine Insurance Market The Marine Insurance Act 1906 The Principles Involved in Marine insurance Particular Average The Measure of Indemnity Third Party Liability And General Average Part 1
  • 1. Contents The International Marine Insurance Market The Marine Insurance Act 1906 The Principles Involved in Marine insurance Particular Average The Measure of Indemnity Third Party Liability And General Average Part 1

2. General Average Part 2 Cargo Insurance- open & Floating policies Institute Cargo Clauses International Hull Clauses (01/11/02) 3. 1A. Introduction (Marine Insurance Act) 1B.The Credit System 1C.The International Marine Insurance Market 1D.The London Insurance Market 1D 1.LLOYDS 1D 1a.Xchanging Ins-sure Services 1D 1b.Xchanging Claims Service 4. 1D 2.LLOYDS Agenys 1D 3.Marine Insurance Companies 1D 4.Insurance Company Agents 1D 5.Protection & Indemnity Associations 1E.The Marine Insurance Broker 1F.London Market Associations 1F 1.The International Underwriting Association of London 5. 1F 2.LLOYDS Market Association (LMA) 1F 3.The Salvage Association 1F 4.The Association of Average Adjusters 1F 5.The British Insurance Brokers Association 6. 2A.The Marine Insurance Act, 1906 2B.Effecting Marine Insurance 2C.The Original Slip 2D.Brokers Cover Note 2E.Policy Signing 2F.Premiums 2G.Brokerage 2H. Deferred Premiums 7. 2I.Additional Premiums 2J.Held Covered 2K.Return Premiums 2L.The Principle of Insurable Interest 2L 1.Cargo Interests 2L 1a.Ownership 2L 1b.Shipping Costs 8. 2L 1c.Insurance Charges 2L 1d.Anticipated Profit 2L 1e.Partial Ownership 2L 1f.Defeasible Interest 2L 1g.Contingent Interest 2L 1h.Bottomry & Respondentia 2L 1i.Forwarding Expenses 2L 1j.Commission 9. 2L 2.Hull Interests 2L 2a.Ownership 2L 2b.Partial Ownership 2L 2c.Insurance Premiums 2L 2d.Charterers interest 2L 2e.Charterers Freight 2L 2f.Freight 2L 2g.Disbursements 2L 2h.Mortgage interest 2L 2i.Third Party Liability 10. 2L 3.Incidental Interests 2L 3a.Masters & Seamens Wages 2L 3b. Reinsurance 2M. PPI Policies 2N. Assignment 2P. Contract of Sale 2P 1.Free on Board (FOB) 2P 2.Cost & Freight (C& F) 2P 3.Cost Insurance & Freight (CIF) 11. 3A. The Principle of Utmost Good Faith 3A 1.Representation & Misrepresentation 3B. Warranties 3B 1.Implied Warranties 3B 1a. Seaworthiness of ship 3B 1b. Legality 3B 2. Express Warranties 12. 3C. Time & Voyage Insurance 3C 1. Different Voyage 3C 2.Change of Voyage 3C 3.Deviation 3C 4.Delay in Prosecution of Voyage 3C 5.Excuses for Deviation & Delay 3C 6.Transhipment 13. 3D. Proximate Cause 3E.Extraneous Risks 3F. Statutory Exclusions 3F 1. Willful Misconduct of the Assured 3F 2.Delay 3F 3. Wear & Tear 3F 4. Ordinary Leakage & Breakage 3F 5. Inherent Vice 14. 3F 6. Rate or Vermin 3F 7.Injury to Machinery 3G. Perils Not Covered 3G 1.Sentimental Loss 3G 2.Sympathetic Damage 15. 4A. Particular Average 4B. Total Loss 4B 1. Actual Total Loss 4B 2.Missing Ship 4B 3. Constructive Total Loss 4C. The Marine Insurance Policy 4C 1. The 1982 Policy 4C 2. Forms of Policy 16. 4C 2a. Time Policy 4C 2b. Voyage Policy 4C 2c. Mixed Policy 4C 2d. Open Policy 4C 2e. Floating Policy 4C 2f. Construction policy 4D. Insured Values 4E. Franchises, Excesses & Deductibles 17. 5A. Measure of Indemnity 5A 1.Total Loss 5A 2. Partial Loss of Ship 5A 3. Partial Loss of Freight 5A 4. Partial Loss of Goods 5A 4a. Salvage Loss 5B. Sue & Labour Charges 5C. Particular Charges 18. 5D. Salvage & Salvage Charges 5E. Services in Nature of Salvage 5F. Subrogation 5F 1. Letter of Subrogation 19. 6A. Third Party Liability 6B. Collision Liability 6C. Limitation of Liability 6D. Both to Blame Collision Clause 6E. General Averages 6E 1. Introduction 6E 2. Definition 6E 3. Essentials 20. 6E 4a. Extra ordinary Sacrifice/Expenditure 6E 4b. Voluntarily Made 6E 4c. Reasonable Made 6E 4d. Imperiled in Common Adventure 6E 5. The Jason Clause 21. 7. General Average 7A.Contributing Interests 7B.Contributory Values 7B 1.Ship 7B 2.Cargo 7B 3.Freight 7B 4.Containers 7C. Amount Made Good 22. 7C 1.Ship 7C 2.Cargo 7C 3. Freight 7D. Procedures at Port of Discharge 7D 1.General Average Bonds 7D 2.Bank Guarantee 7D 3.Underwriters Guarantee 7D 4. General Average Deposit 7E. Average Disbursements 7F. The General Average Adjustment 7G. Applications to Insurance 23. 8A. Facultative Cargo Insurance 8B. Long Term Cargo Contracts 8C. The Floating Policy 8D. Cancellation Clause 8D 1.Cancellation Clause 8D 2. Limit per Bottom & / Location 8D 3. Basis Of Valuation 8E. Institute Classification Clause 8F. Certificates of Insurance 8G. Block Policies 24. 9. New Institute Cargo Clauses 9A. Institute Cargo Caused 9A 1.Transit Clauses 9A 2.Termination of Contract of Carriage Clause 9A 3.Change Of Voyage Clause 9A 4.Insurable Interest Clause 9A 5.Forwarding Charges Clause 9A 6.Constructive Total Loss Clause 9A 7.Increased value Clause 9A 8.Not to Insure Clause 25. 9A 9. Duty of Assured Clause 9A 10. Waiver Clause 9A 11. Reasonable Dispatch Clause 9A 12. English Law & Practice Clause 9A 13. Risks Clause 9A 14. General Exclusions Clause 9A 15. Both to Blame Collision Clause 9A 16. General Exclusions Clause 9A 17. Unseaworthiness & Unfitness Exclusion Clause 26. 9A 18. War Exclusion Clause 9A 19. Strikes Exclusion Clause 9B. Institute War Clause 9B 1. Risks Clause 9B 2.General Average Clause 9B 3. General Exclusions Clause 9B 4. Unseaworthiness & Unfitness Exclusion Clause 9B 5. Transit Clause 9B 6. Insurable Interest; Increased Value; Not to Insure; Waiver; Reasonable Dispatch & English Law & Practice Clause 27. 9C. Institute Strikes Clause (Cargo) 9C 1.Risks Clause 28. 10 A. International Hull Clauses- 01/11/02 10A 1. General-English Law & Jurisdiction 10A 2. Perils 10A 3. Leased Equipment 1oA 4. Parts Taken off 10A 5. Pollution Hazards 10A 6. Collision Liability 10A 7. Sister ship 10A 8.General Average & Salvage 10A 9. Duty of the Assured (Sue & Labour) 10A 10. Navigation Provisions 29. 10A 11. Breach of navigation Provisions 10A 12. Continuation 10A 13. Classification & ISM 10A 14. Management 10A 15. Deductibles 10A 16. New for Old 10A 17. Bottom Treatment 10A 18. Wages & Maintains 10A 19. Agency Commission 10A 20. Unrepaired Damage 10A 21. Constructive Total Loss 30. 10A 22. Freight Waiver 10A 23. Assignment 10A 24. Disbursements Warranty 10A 25. Cancelling Returns 10A 26. Separate Insurances 10A 27. Several Liability 10A 28. Affiliated Companies 10A 29. Exclusions 10A 29a. War 10A 29b. Strikes 10A 29c. Malicious Damage 31. 10A 29d. Radioactive Contamination 10A 29e. Chemical, Biological etc Weapons attack 10B. Additional Clauses 10B 1. Navigation Limits 10B 2. Bering Sea Transit 10B 3. Decommissioning Condition 10B 4. Helicopter Engagement 10B 5. Premium Payment 10B 6. Contracts (Rights of Third Parties) Act 32. 10B 7. Collision Liability 10B 8. Fixed & Floating Objects 10B 9. Exclusions 10B 10. Return for Lay- up 10B 11. General Average Absortion 10B 12. Additional Perils 10C. Claims Provisions 10C 1. Leading Underwriters 10C 2. Notice of Claims 10C 3. Tender Provisions 10C 4. Duties of the Assured 33. 10C 5. Duties of Underwriters in Relation to Claims 10C 6. Provision of Security 10C 7. Payment of Claims 10C 8. Recoveries 10C 9. Dispute Resolution 10D. War & Strike Risks Clauses 10D 1. Perils 10D 2. Incorporation 10D 3. Detainment 10D 4. Exclusion 34. On behalf of Indian Institute of Logistics Chennai