MADE BY:- DEEPIKA NAVNEET

Marine

insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a sub-branch of marine insurance.
Oldest

form of insurance Its a important part of commerce and trade, both domestic and international

Cargo insurance provides coverage against physical damage or loss of goods during shipping, whether by land, sea or air. Most individuals and businesses choose to insure their goods while they are in transit, because of the many dangers inherent in shipping. There are many different types of cargo insurance are available and it is important that you know exactly what you want before taking the insurance.

Bank would not finance overseas trade without cargo insurance.

Utmost good faith:- both the parties- the insured, and

the insurer should have a good faith towards each other. Here the insurer should provide clear and complete information of the subject matter and with all the terms and conditions related to it.

Insurable interest:- the insured must have insurable

interest in the subject matter of insurance. In marine insurance it is enough if this principle exists only at the time of occurrence of the loss.

Indemnity:- means security, protection and compensation

given against damage, loss or injury.

Contribution:-the insured can claim the compensation only

to the extent of actual loss either from all insurers or from any one insurer.

Loss minimization:-insured must always try his level best

to minimize the loss of his insured property, in case of uncertain events like a fire outbreak or blast, etc.

 Hull

Insurance This insurance covers for both vessel

and its apparatus such as fuel, tools, furniture, machinery etc.

Freight

Insurance - This insurance usually covers for

the loss of freight. If the goods are safely shifted to the destination port, the owner of goods will have to pay the freight charges but if the ship is lost on the way or the cargo is damaged or stolen, the shipping company loses the freight.

 Cargo

Insurance- includes the cargo or goods contained in the ship and the personal belongings of the crew and passengers.
Liability Insurance is one in which the insurer

undertakes to indemnify against the loss which the insured may suffer on account of liability to a third party caused by collision of the ship and other similar hazards.

 Time

Policy- This policy is taken for a time period of

usually of one year, but it may contain a 'continuation

clause'.
Voyage

Policy -is a policy in which the subject matter is

insured for a particular voyage irrespective of the time involved in it. No time boundation.
Mixed

Policy -As the name suggests it is a mixture of both

voyage and time policy.

Floating Policy- is a policy which only mentions the

amount for which the insurance is taken out and leaves the name of the ship(s) and other particulars to be defined by subsequent declarations. Such policies are very useful to merchants who regularly dispatch goods through ships. Valued Policy - is a policy in which the value of the subject matter insured and is agreed between the insurer and the insured and it is specified in the policy itself.

Unvalued Policy - the value of policy is not determined at the

time of commencement of risk but is left to be valued when the loss takes place.

Do no give clear receipt on the delivery order but to give such notice of loss or damage 2. In case of containerized cargo:

Duty of the Insured :-1.

Check carefully condition of the containers if it was damaged or holed. Check carefully condition of its seal if numbers is matched with the document or if it was damaged or cut. If it was found damage, Give such notice of loss or damage on the delivery order. 3. 4. 5. Immediately contact the carriers or its representative to do survey. Immediately contact THE INSURANCE COMPANY to do joint - survey. Immediately notify Police in case of traffic accident, theft or other malicious acts.

6. Take photographs showing details of container, its seal and numbers, its floor, wall and roof where it was damaged and condition of the cargo.
7. Write claim to the carriers holding them responsible for loss or damage.

 Survey & Claim Reporting to THE INSURANCE COMPANY:Claim shall be reported immediately to THE INSURANCE COMPANY or its survey agent in order to have the damage inspected to conclude the cause of loss or damage. Claim reporting shall not later than 7 days from the time loss or damage noticed. It is a duty of the insured to give THE INSURANCE COMPANY or its survey agent an opportunity to inspect the damage, vessel, interview with the master and crews and other related parties.

Documentation:-

Claim Form Original Insurance Certificate / Policy Original Bill of Lading Invoice Packing List Delivery Order Official damage / Survey Report Letter of claim against the carriers and their reply Estimated cost of repair EIR (Equipment Interchange Receipt) Ship accident report and complete of its document Police report (in case of theft or traffic accident) Picture of damage

Salvage:1. It is a duty of the Insured / Its Agent or Representative to mitigate the loss and secure the salvageable cargo safe, do not destroy or sell them without THE INSURANCE COMPANYs written approval.
2. THE INSURANCE COMPANY for and on behalf of the Insured have a right to sell on tender the salvageable cargo and invite some buyers to quote. 3. The Insured can participate on the above tender.

4. Terms and condition of the tender and to choose the winner are absolute right of THE INSURANCE COMPANY 5. Value of salvage is to be paid to the Insured and is to be deducted from amount of claim payable.

THANK YOU