Marinee Insurance

7/24/2019 Marinee Insurance

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Introduction

Insurance connected with the risks of transportation of goods, is one of the

oldest and most important forms of insurance.

The value of goods shipped by the business firms each year cost billions of

rupees.

These goods are exposed to damage or loss from numerous perils associated

with transportation. These goods can be protected by marine insurance

contracts.

It is an important element of the general insurance industry. it essentially

provides cover for the losses suffered due to marine perils. in India, the

marine insurance is regulated by:

Nature and scope

The nature and scope of marine insurance is determined by reference

to section 6 of the definition of “ marine adventure “ and “ marine

perils “.

It is contract of indemnity but the extent of indemnity is determined

by the contract .

It relates to losses incidental to a marine adventure or to the building ,

repairing or launching of a ship .



marine adventure is any situation where the insured property is

exposed to maritime perils .

!aritime perils are perils conse"uent on or incidental to navigation .

HISTORY OF MARINE INSURANCE

!arine insurance as we know it today, can be described as mother of all insurances

it is believed to have originated in #ngland owing to the fre"uent movement of

ships over high seas for commerce and trade. In India, marine insurance has been

in vogue for several centuries.

$rior to the development of marine insurance, the people across the world had a

system of pooling their contributions so that if any one of them suffers loss during

voyage. %e would be compensated from the pool.

Today marine insurance has assumed a vast dimension due to ever expanding trade

across the globe. It involves large shipping companies that re"uire protection not

only for their costly fleet against the perils of the sea, but also to the cargo being

carried in each of these ships.

The value of each ship and the cargo carried therein, may be costing millions of

rupees to the owners.

%istorically marine insurance were of two types:

a) Bottomary oan !"



&hich was a transaction protecting an owner from financial loss if his ship was

destroyed. $remiums were calculated on the basis of intuition instead of

mathematical estimates.

#) Respondentia oans!" were comparable to bottomary loans. The difference

being a merchant would take a loan using cargo as collateral. The money lender

for a premium in addition to the regular interest charged, agreed to forgive

the loan if the cargo was lost.

• The Indian !arine Insurance ct came into operation on ugust ', '(6)

and is a comprehensive document containing all regulations of marine

insurance business in India.• $rior to this ct, the insurance business was conducted on the basis of

the principles of *eneral +ontract ct and #nglish !arine Insurance aw.

• !arine insurance includes two types of insurance i.e. +argo insurance and hull

insurance.

• The cargo insurance includes the goods in transit from the place insured to

the sea and from sea to the exporter.

• The hull insurance is concerned with body, the machinery and technical know-

how, stores tools etc. of the ship.

• !arine Insurance covers the loss or damage of ships, cargo, terminals and any

transport or property by which cargo is transferred, ac"uired or held between

the points of origin and final destination.

• !arine Insurance has been made mandatory in export-import business.

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Marine Insurance Mar.et



loyds, a corporate established in ondon, is the biggest center for marine

insurance in the world

loyds was a coffee house fre"uented by the tradesmen, ship- owners and

others

The coffee house became the meeting ground for:

brokers, insurers and ship owners for negotiating their business.

TITANIC CRASH

Marine Insurance O**ered #y /IC in India

There is evidence that the marine insurance was present in some form or the other

in India since a very long time.



In earlier days travelers by sea were particularly afraid of losing their vessels and

merchandise because of piracy on the open seas.

Su#0ect Matter o* Marine Insurance

• the insurance in the current scenario, however is, much more then, what was

envisaged earlier

• it is now re"uired to protect the interest of:

the owner of the ship

owner of the cargo

The person interested in freight for liabilities and in respect of /ines imposed

for various reasons.

• in case the ship carrying the cargo sinks:

• the ship will be lost along with:

the cargo

the income that the cargo would have generated would also be lost

it may also damage third party property

Third party in0uries or death.

Cassi*ication o* Marine Insurance

based on the facts stated earlier, marine insurance can be classified into four

broader categories i.e.:

hull insurance

cargo insurance

freight insurance and

liability insurance



Car&o Insurance

1+argo refers to:

• the goods and commodities carried during transit by:rail, road, sea or air from

one place to another.

• the 1cargo transported by sea is sub0ect to manifold risks such as:

loss or damage at the port and

oss or damage during the voyage.

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1!arine cargo insurance provides the insurance cover in respect of:

oss of or damage to cargo during transit by:

2ail, road, sea or air.

Thus 1marine cargo insurance covers the following:

• export and import shipments by ocean

• transshipments

• shipment by inland vessels

• consignments sent by rail, road, air 3

• rticles sent by post.

1marine cargo insurance covers the shipper of the goods, if the good are

damaged or lost during transit

the 1cargo policy covers the risks associated with the transshipment of goods

the policy could be issued to cover a single shipment or

if regular shipments are made:

n 1open policy can be issued which insures the goods4 cargo automatically

whenever a shipment is made.

2e*inition o* Marine Insurance



!arine insurance is a contract under which the insurer undertakes to indemnify

the insured:

• in the manner and to the extent thereby agreed

• gainst marine losses, incidental to marine adventures.

It may be defined as a form of insurance covering loss or damage to:

• 15essels or to 1cargo during transportation.

Types o* Marine Insurance

There are four types 4 classes of marine insurance:

a) Hu Insurance!

+overs physical damage to the ship or vessel. In addition it contains a collision

liability clause that covers the owners liability if the ship collides with another

vessel or damages its cargo.

#) Car&o Insurance!

+overs the shipper of goods if the goods are damaged or lost. The policy can be

written to cover a single shipment. If regular shipments are made, an open cargo

policy can be used that insures the goods automatically when a shipment is made.

The open cargo policy has no expiration date and remains in force till it is

cancelled.

c) 'rotection and Indemnity 3'4I) insurance!



Is usually written as a separate contract that provides comprehensive liability

insurance for property damage or bodily in0ury to third parties. $3I insurance

protects the ship owner for damage caused by ship to piers, docks and harbor

installations, damage to ships cargo, illness or in0ury to the passenger or crew and

fines and penalties.

d) Frei&(t Insurance!

Indemnifies the ship owner from the loss of earnings if the goods are damaged or

lost and are not delivered.

Insura#e 'roperty

Insurable property means any ship, goods or other movables exposed to

maritime perils.

Insurable property must be stated in the policy with reasonable certainty.

Marine Ad5enture

There is a marine adventure, when-

'. ny insurable property is exposed to marine perils.

7. The earning of freight, passage money, commission, profit or other pecuniary

benefit or security for any advances, loans or disbursements is endangered by the

exposure of insurable property to maritime perils.

). The owner of or other person interested in or responsible for insurable property

by reason of maritime perils may insure any liability to the third party.



6oya&e

5oyage is the 0ourney that the vessel undertakes.

The ship could carry on the voyage in the specified route which is mentioned inthe policy.

+hange of voyage is permitted only in a few specified circumstances.

Maritime peris 7 peris o* t(e sea

!aritime $erils are also called $erils of the 8ea.

It means the perils conse"uent on or incidental to the navigation through the

sea for example- fire, war perils, rovers, thieves, captures, sei9ures, 0ettisons,

barratry and other perils.

The term $erils of the 8ea refers only to fortuitous accidents or casualties of

the seas and does not include the ordinary action of winds and waves8

Types o* Ris.s 7 peris co5ered #y marin insurance poicy

' 8inking, stranding and grounding of ship4vessel4boat or craft.

7 +ollision or contact of vessels, ships, boats with internal and external

ob0ects.

) ;ischarge of cargo at a port of distress.



< verage general sacrifice.

= 5olcanic eruption or lightning or fire or explosion.

6 oss of goods or packages containing goods or articles, dropping of packetsor package during loading or unloading while on board or off the broad.

> oss caused by delay, wrongful delivery, malicious damage.

? &ar, sea pirates, other perils like cyclones, typhoons, spirals.

( 8trikes, riots, lockout, civil commotions 3 terrorism.

'@ Theft, pilferage, breakage 3 leakage.

'' oss caused by heating due to the closure of ventilators to prevent the entry of

sea waters.

'7 oss caused by rats i.e. a hole made in the bottom of the ship, through which

sea water enters the ship and damages the cargo.

!arine insurance apart from indemnifying the assured against the maritime

perils also includes liability of the third party incurred by the owner of the ship

or other person interested in the property assured on happening of the maritime

event.

Thus marine insurance includes:

'Insurance of vessels Ahull of any description. A%ull insurance is



concerned with body, the machinery 3 technical knowhow, stores tools etc. It also

includes ships, mechani9ed boats etc and consignments transported by rail and

road.

7Insurance of cargo in vessels A +argo insurance includes goods in transit

from the place of insured to the sea and from the sea to the exporter.

) /reight paid or received by the assured

< Insurance of third party liability

= Insurance of transactions which are incidental to the marine adventure or

marine transport or transport of cargo from go down to the vessel.

6 Insurance also includes all perils and risks incidental to money,

documents, securities 3 other valuable goods in the ship.

Marine 'oicy

The document containing the contract of insurance is known as the

!arine $olicy or 8ea $olicy.

The clauses are framed in relation to risk covered, risk excluded and other terms

and conditions of the insurance.

Contents o* marine poicy



'. Bame of the insured.

7. $olicy Bumber

). 8um ssured

<. The sub0ect matter insured and the perils covered

=. $lace where claims were payable

6. 8treamer Aor other conveyance.

>. 8tamp duty Aas per the provisions of the Indian 8tamp ct '?>(

?. 5oyage or Courney

(. Bumber or date of bill of lading or 2egistered $ort or ir freight receipt. Aas

the case may be

'@. $lace of issue of policy and date.

''. 8ignature of authori9ed person signing on behalf of the insurers.

Essentia eements or principa o* marine Insurance

'. /undamentals of general contract

7. Insurable interest

). Dtmost *ood /aith

<. Indemnity

=. 8ubrogation



6. +ontribution

>. &arranties

?. +ause proximal

(. ssignment 3 Bomination of a policy

Features o* a &enera contract

marine policy must fulfill all the essentials of a valid contract namely

'. Effer and cceptance

7. +onsideration

). +apacity

<. egal $urpose

Insura#e Interest

ccording to !arine Insurance ct '(6), every person has an insurable interest

who is interested in a marine adventure. The following persons have

insurable interest in !arine Insurance.

'. Ewner of the 8hip

7. Ewner of the +argo

). +reditor who has advanced money on a ship or cargo to the extent of his

interest in such ship or cargo

<. !ortgager

=. !ortgagee



6. !aster and crew - for wages

>. Fottomry bond hold

?. $erson who pays advance freight is recoverable on loss

(. 8hipper and their gents

'@. $ersons contingent interest such as the buyer, though the goods may be at

sellers risk and though he may have right to re0ect the goods, but has paid.

''. Trustee

'7. Failee

'). Insurer- he can reinsure

'<. ssignee of bill of ladin

Utmost /ood *ait(

The insured must disclose all those relevant facts to the insurer which are likely

to affect his willingness to undertake the risk.

If either party does not disclose full facts, the other party can avoid the contract

at any time.

Contract o* indemnity

Dnder this contract, the underwriter agrees to indemnify the insured against

losses by sea risk to the extent of the amount insured.

The insured can recover only the actual loss suffered and nothing more.

principa o* su#ro&ation

ccording to this principle after meeting the loss agreed, the insurer steps into

the shoes of the insured and becomes entitled to all rights and remedies

available to the insured against the insured property or third persons.



'rincipa o* contri#ution 7 2ou#e Insurance

The doctrine of contribution applies to marine insurance.

If the sub0ect has been insured with more than one insurer, each insurer has to

pay only the ratable proportion of loss sub0ect to the maximum loss.

The principle supports the concept that the insured cannot recover amounts

on the same property for the same peril from more than one insurer.

Thus, according to 8ection )<, the pre re"uisites of double insurance4contribution

are:

a There must be two or more policies.

b The policies must relate to the same adventure and interest or any part thereof.

c The sums insured must exceed the indemnity allowed by this ct

$arranties

ccording to !arine Insurance ct, a warranty means a stipulation or term, the

breach of which entitles the insurers to avoid the policy altogether and this is so

even though the breach arises through circumstances beyond the control of the

warrantor.

&arranties can be expressed Awritten or implied.



E9press $arranties

The expressly stated written warranties and may be like

'. The ship is safe on a particular day

7. The ship 3 goods are neutral and continue to be so

). The ship will proceed to its destination without any deviation

<. The ship will sail on or before a certain date

Impied :arranties

There are certain warranties which are implied in every contract of marine

insurance unless excluded expressly. These are:

'. &arranty of sea worthiness

7. &arranty of non-deviation from path

). &arranty as to the legality of the voyage

<. $roper documentation related to the ship

$arranty o* Sea $ort(iness

The ship must be sound as regards her hull.

The gear must be sufficient and must be fully e"uipped, officered and manned

8hip must not be overloaded



If the voyage is to be performed in stages, the ship must be sea worthy at the

commencement of each stage.

8ea worthiness also includes cargo worthiness i.e. must be fit to carry the cargo

'roper 2ocumentation o* t(e S(ip

&henever there is an express warranty that the ship shall be neutral Aespecially

in the case of war time adventure there is an implied warranty that the ship

carries all the papers necessary to prove the neutrality.

'ro9imate cause

ccording to the !arine Insurance ct, the insurer is liable for any loss

proximately caused by a peril insured against.

Insurer is not liable for any loss which is not proximately caused by a peril

insured against.

Assi&nment o* poicy

marine insurance policy is assignable unless it contains terms expressly

prohibiting assignment.

It may be assigned either before or after loss.

marine policy may be assigned by endorsement thereon or in any

other customary manner.

Re"insurance

ccording to !arine Insurance ct, the insurer under a contract of marine

insurance has an insurable interest in his risk and may reinsure the sub0ect



matter fully or partly as per his re"uirement. This is called 2einsurance or

Insurance of Insurance.

In reinsurance, unless the policy provides otherwise, the original assured has

no right or interest in respect of such reinsurance8

Cacuation o* rates o* premium

+alculation of rates of premium depends on:

'. ;escription of goods : /ull description of the goods to be insured must be

given.

G The nature of commodity is very important for rating and underwriting.

G ;ifferent types of commodities are sub0ect to different types of risk.

#x: +ommodities like cement sugar, etc. are easily damaged by sea waterH cotton

or some chemicals may easily catch fireH li"uids can get leaked and crockery and

glassware are susceptible to breakage.

7. !ethod and !anner of $ackaging : The possibility of loss or damage

depends very much on the type of packing.

*enerally goods are re"uired to be packed in commodity friendly bales,

bags, bundles, crates, drums, barrels, loose packing, carton etc.



). 5oyage and !ode of Transit : The name of the place from where, transit will

commence and the name of the place where it will terminate has to be stated.

!ode of conveyance to be used in transporting goods by rail, lorry or by air etc.

should be given.

The name of the vessel is to be given in case if overseas travel.

$ostal receipt number and date thereof is re"uired in case of goods sent by

registered post.

If the voyage is to involve trans-shipment, it must be clearly stated.

<. +over 2e"uired : The risk against which cover re"uires should be fully

described.

=. Bame of the vessel : The correct name of the vessel is necessary, to

know the details of the age, tonnage classification Atanker, bulk carrier,

container ships, fishing fleet, war vessels ownership etc.

G 8hipments through old vessels or smaller vessels will lead to charge of a

higher rate of premium.

G 8hipments made by first class vessels attract normal rates of premiums

and the vessels are approved by authorities like the Indian 2egistrar of 8hipping.

G If the vessel used for the voyage is tramp vessel i.e. a vessel which does not

follow a fixed schedule and carries cargoes whenever available. The vessels

have to be approved by *I+ and if not approved, then will attract a very high

premium.



&hile there is no tariff rate on premium and insurers can charge any rate

depending upon the nature of goods , the distance, the mode of trans-

shipment, type of package, the voyage route and the past claims

experience. #xtended covers like 82++ A 8trikes, 2iots and +ivil

+ommotion and war risks are governed by special regulations and the

premium collected is credited to the +entral *overnment.

8hipping vessels are listed according to their age and draught weight.

/ull details of every shipping vessel built anywhere in the world is available

in loyds 2egister Aissued by loyds of ondon. !inimum standards are

fixed. ny vessel falling short of these standards will attract loading

premium.

$remiums can be paid on monthly, "uarterly, half yearly or yearly basis.



Types o* marine insurance poicy

'. Fottomry Fond

It is a bond representing loan raised by the master of the ship so as to meet

certain urgent expenses like repairing a ship or for security of ship or cargo.

It is repayable after a certain agreed number of days after the arrival of the

ship as specified in the bond.

If the vessel is lost before the arrival at destination, the lender losses his

money.

7. 2espondentia Fond :

ike Fottomry Fond, 2espondentia Fond also represents a monetary loan

borrowed by the master of a ship to meet certain urgent expenses.

The loan is raised on the security of +2*E EB .

The loan is to be repaid within a certain period after the arrival of the cargo at

the destination as specified in the 2espondentia Fond.

If the cargo is lost on its way, the lender losses his money.

!arine policies are known by different names according to their manner of

execution and the nature of risks covered.



/ollowing are the various kinds of marine insurance policies as contained in

the !arine Insurance ct, '(6).

'. Time $olicy :

This policy is designed to give cover for some specified period of time say for

example noon of 'st Canuary 7@@( to noon of 'st Canuary 7@'7

Time policies are usual in case of hull insurance.

7. 5oyage 3 Time $olicy or !ixed $olicy :

It is a combination of voyage and time policy.

It is a policy which covers the risk during a particular voyage for a specified

period. #xample ship may be insured for voyages between +hennai to

ondon for a period of one year.

).5alued $olicy :

This policy specifies agreed value of the sub0ect matter insured, which is not

necessarily the actual value. This agreed value is also known as insured value.

Ence agreed these values cannot be changed and remains binding on the

parties.

). Dnvalued $olicy4 Epen $olicy :

<. In case of unvalued policy, the value of the sub0ect matter insured is not

specified at the time of effecting insurance.

It is taken for a specified amount and the insurable value is ascertained at the

time of loss.

The insurer is liable to pay only up to actual loss incurred to the policy amount.



=. /loating $olicy : floating policy describes the insurance in general terms,

leaving the name of the ship or ships to be defined by subse"uent declarations.

The declaration may be made by endorsement on the policy or in another

customary manner.

;eclaration must be made in the order of shipment unless the policy provides

otherwise.

It must comprise all the consignments within the terms of the policy and the

values must be stated honestly.

#rrors and omissions however, may be rectified even after the loss has

occurred, if made in good faith.

&hen the total amount declared exhausts for which the policy has been issued,

it is said to be run off or fully declared.

The assured may then arrange for a new policy to be issued to succeed the one

about to lapse, otherwise the cover terminates when the policy is fully

declared.

6. &agering $olicy4 $$I $olicy :

This policy is issued without there being any insurable interest or policy bearing

evidence that the insured is willing to dispense with any proof of interest

If policy contains such words as $olicy $roof of Interest A$$I or Interest or

Bo Interest it is a &agering or %onor $olicy.



Dnder 8ection < of the !arine Insurance ct, such policies are void in aw but

such policies continue to be common.

>. +onstruction or Fuilder 2isk $olicy :

This is designed to cover risks incidental to the building of a vessel, usually giving

cover from the time of laying the keel until the completion of trials and handing

over to the owners.

In the case of very large vessel, the period may extend over several years.

?. Flanket4 Epen +over $olicy :

In order to arrange their marine insurance in advance and to be assured to be

covered at all times, and also to avoid the effects of possible rapidly fluctuating

rates, it is practice of regular importers and exporters to avail Flanket Insurance.

n open cover policy is an agreement between the assured and his underwriter

under which the former agrees to declare and the latter to accept, all shipments

coming within the scope of the open general cover during some stipulated

period of time.

(. ;uty $olicy :

In case of +I/ contracts, the exporter would have arranged for insurance only up

to +I/ value. +ustoms duty payable if any is the responsibility of the importer and

they can separately obtain custom duty policy on standalone basis.

'@. Increased 5alue $olicy :



If goods imported are damaged in transit and such goods can be procured locally

at prices higher than the +I/J +ustoms duty, the increase value policy covers such

difference in values.

''. !arine ;elays :

ny loss or damage to the e"uipment during transit which leads to the delay in

completion of the pro0ect , commencement of production and thereby loss in profit

is covered under this policy and is also known as +onse"uential loss due

to marine delays or simply ;elay 8tart Dp.

'7. !arine +um #rection $olicy :

In standard marine cargo policy, the cover ceases after the goods are delivered at

the site of erection. If any damage attributable to transit risk was found at the time

of erection, then marine policy and erection policy bear =@K each of the cost of

damage.

'). $ort 2isk $olicy :

This is to cover a ship or cargo during a period in port

against the risks peculiar to a port as distinguished from voyage risks.

Marine 1osses

ccording to !arine Insurance ct, unless the policy provides otherwise,

a. The insurer is liable for any loss proximately caused by a peril insured against

b. The insurer is not liable for any loss attributable to the willful misconduct of

the assured but unless the policy otherwise provides, he is liable for any loss



proximately caused by a peril insured against even though the loss would not have

happened but for the misconduct or negligence of the !aster or +rew of the 8hip.

c. Dnless the policy otherwise provides, the insurer is not liable for ordinary wear

and tear, ordinary leakage and breakage, inherent vice or nature of sub0ect matter

insured or for any loss proximately caused by rat or vermin or any in0ury to

machinery not caused by maritime perils.

Types o* marine osses

It is said t(at actua tota oss (as arisen !



'. &hen the sub0ect matter insured is destroyed or is so damaged that it ceases to

be a thing or a kind insured.

7. &hen the assured is irretrievably deprived of the sub0ect matter.

). &hen the ship concerned in the adventure is missing, and after the lapse of a

reasonable time period, still no news of it is received.

In the case of ctual Total oss, the insurer has to pay either the insured amount

or the actual loss whichever is less but the cause of the loss must be one of the

perils insured against.

Constructi5e tota oss is said to (a5e occurred !

'. &hen the assured is deprived of the possession of ship or goods by a peril

insured against and it is unlikely that he can recover the ship or goods as the

case may be or the cost of recovering the ship or goods, as the case may be,

would exceed their value when recovered

7. In the case of damage of goods, where cost of repairing the damage andforwarding the goods to their destination would exceed their value.

). In case of damage of the ship, where it is so damaged by the peril insured

against that the cost of repairing the damage would exceed the value of the

ship.

E**ect o* Constructi5e Tota 1oss ! &hen there is a constructive total loss, the

assured may either treat the loss as a particular loss or abandon the sub0ect

matter insured to the insurer and treat the loss as if it were an ctual Total oss.

Notice o* A#andonment !



It is a notice by the assured to the insurer that he abandons all interests in the

sub0ect matter of insurer unconditionally to the insurer. s per the 8ection

67, the rules regarding abandonment are:

'. notice of abandonment should be given by the insured to the insurer. If he

fails to do so, the loss can only be treated as a $artial oss.

7. The insurer may waive the Botice Ef bandonment.

).The notice of abandonment must be unconditional and can be done by

expression, writing or both.

<. Botice of bandonment must be given written within a reasonable time after

the receipt of reliable information of the loss. %owever in case of doubt,

assured is entitled to a reasonable time to make in"uiry and then to notify.

=. &hen the notice of abandonment is properly given, the rights of the assured

are not pre0udiced by the fact that the insurer refuses to accept the

abandonment.

6. The acceptance of abandonment may be either express or implied from the

conduct of the insurer. The mere silence of the insurer after the notice does not

amount to an acceptance.

>. Ence the notice of abandonment is accepted, the abandonment is irrevocable.

The acceptance of the notice conclusively admits liability for the loss.

'artia 1oss !

ny loss other than total loss is $artial oss and may be classified into:

a $articular verage oss



b *eneral verage oss

a)'articuar A5era&e 1oss !

&hen the sub0ect matter is partially lost or damaged by a peril insured against,

it is called $articular verage oss.

$articular verage oss must fulfill the following conditions:

'. Enly a particular sub0ect matter is lost or damaged.

7. The loss should be accidental.

). It should be caused by peril insured against.

<. The damage should not have suffered for a general benefit.

a) /enera A5era&e 1oss !

#xamples of *eneral verage oss are:

a oss caused to cargo due to fire.

b !oney paid to pirates for the purpose of saving the ship and cargo.

c #xpenses incurred due to outside help taken in making the vessel reach its

destination.

The liability of *eneral verage extends to the owner of the ship, the cargo and

the freight

Caim 2ocuments



+laim under the marine policy have to be supported by certain documents,

which vary according to the type of circumstances of the claim and mode of

carriage.

Typical documents re"uired for $articular verage claim are:

a Eriginal $olicy: +ertificate of insurance.

b Fill of lading: #vidence that the goods were actually shipped

c Invoice: #vidence for term of sale.

d 8urvey 2eport: 8how the cause and extent of the loss.e ;ebit Bote: +laim bill

f +opy of $rotest: $rotest on arrival at destination before public notary.

g etter of 8ubrogation: egal documents which transfer the right of claimant

against third party to the insurer.



;8< 1imitation o* t(e study

!ost of the data is collected from secondary source due to lack of

time.

The data is not '@@K accurate

There is possibility of bias

Bon availability of re"uired data to analy9e the performance.

The short span of the time provided also one of limitations.

;8= Concusion

Today marine insurance has assumed a vast dimension due to ever

expanding trade across the globe.

!arine Insurance has been made mandatory in export-import business.

marine policy fulfills all the essentials of a valid contract namely Effer

and cceptance, +onsideration, +apacity, egal $urpose.

#very person has a insurable interest who is interested in marine

adventure.

marine policy may be assigned by endorsement thereon or in

any other customary manner.

The risk against which cover re"uires should be fully described



;8, Bi#io&rap(y

• Firds, C. Birds' Modern Insurance Law. 8weet 3 !axwell, 7@@<.

• ;onaldson, #llis, &ilson A#ditor, +ooke A#ditor, Lowndes and Rudolf:

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http://www.jstor.org/stable/2551021






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Marinee Insurance

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