MARINE INSURANCE

Presented by:- Rajdeep Saini Roll No:- 47

What is Marine Insurance
• Marine insurance is a contract under which the insurer undertakes to indemnify the insured against losses, caused due to perils of the sea. Here perils of sea include:-Sinking of ship -Damage to ship and cargo due to dashing of waves. -Dashing of the ships on the rocks. -Fire or Explosion on the ship. -Spoilage of cargo due to sea water. -Destruction of the ship and cargo by crew, captain, piracy etc..

Definition
• Sec 3 of Marine Insurance Act,1963 defines a contract of marine insurance as an insurance cover for marine cargo, air cargo and post parcels. • Thus marine insurance is used to cover transportation by any of the following modes of transit singly or jointly:-Sea, Air or Land -Inland water voyages -Rail/Road -Air -Post

Types of Marine Insurance Policies
• • • • • • • • • Time Policy Voyage Policy Mixed Policy Valued Policy Unvalued Policy Fleet Policy Floating Policy Specific Cover Policy Open Cover Policy

Procedure for obtaining Marine Insurance Policy
• Selecting the Insurance Company • Deciding appropriate type of policy • Application to the Insurance Company • Payment of premium • Issue of the Insurance Policy • Processing of the policy

Procedure for filing Marine Insurance Claim
• Intimation of loss • Appointment of the surveyor • Landing Remarks • Submission of claim • Finalization of claim

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