DIFFERENT TYPES OF MARINE Losses

Presented by:Susant meher

MARINE INSURANCE
The insurer is liable for any loss proximately caused by a peril insured against. in particular, the insurer is not liable or any loss attributable to the willful misconduct of assured

KINDS OF MARINE LOSSES

Marine losses can cover into two categories:1-Total loss 2- Partial loss

1-total losses
total losses means its completely damaged and absolutely lost to its owner.

It is two types: Actual total loss Constructive total loss

Actual total loss

Loss due to fire Ship found missing Completely damaged of goods If the sheep is captured by an enemy.

Constructive total loss

It also occurs where the subject matter of marine insurance is damaged to such an extent that the expenditure of repairs will be equal to or even more than the value of property.

2-Partial loss
A partial loss accurs when the subject-matter of insurance is partially destroyed or damaged

It may be classified into two categories: general average (general loss)

particular average (particular loss)

General loss
A ship sailing in the open water faces some perils. Ship masters have to incur several expenses in order to carry ship cargoes safely to their destination. For example deck cargo is thrown into the sea during a heavy storm for the safety of the ship. As the loss is the result of a voluntary sacrifice, incurred in time of need so all ~ the interested parties bear a share of the loss.

Particular average
Particular average refers to partial loss which must be borne by the particular party that suffers the losses. There are not incurred for the common benefit but are result of the accident or carelessness. Such is damage by sea water or fire, stranding. If some bales of cotton are damaged by fire It is particular average.