Definition

• Arnold defines Marine Insurance as –

“Contract where by one party for agreed

consideration, undertakes to indemnify the other against from
the loss arising from certain perils and sea risk to which a
shipment merchandised and other interests in a maritime
adventure may be exposed during a certain voyage or certain
period of time. ”
1. Subject Matter
Types
1. Ocean Marine Insurance
 2. Inland Marine Insurance
Commercial property that can be insured by inland marine
contract can be conveniently classified into 5 categories :
Procedure
Claim Procedure
Documents required for claim procedure

1. Original Invoice & packing List - if forming part of Invoice.

2. Document of declaration of consignment.
3. Damage Certificate from the carrier.
Conditions
A marine policy is issued to the following conditions which
form the clauses of policy in order to meet the special
requirements of the insured.

• Name clause.
• Assignment clause.
• ‘At & From’ clause.
• Name of Ship clause.
• Name of Captain clause.
• Termination of risk clause.
• Touch & stay clause.
• Valuation clause.
• Perils clause.
• Waiver clause.
• Premium clause.
• Memorandum clause.
• Negligence clause.
• Miscellaneous clause.
Additional info…
Top 5 Companies offering Marine Insurance

• ICICI Lombard
• United India Insurance
• The New India Assurance
• Tata-AIG General Insurance
• Bajaj Allianz Insurance
 Marine Portfolio

National New Oriental United Bajaj Chola ICICI Reliance TATA Total
  
India India Allianz Mandalam Lombard General AIG

Gross Premium 1,888.79 3,056.50 2,286.40 3,001.40 207.3 58.3 471 132 309 11,789.59

Net Earned
1,981.63 2,004.32 1,287.93 1,316.96 69.55 15.01 64.86 18.05 151.9 7,081.23
Premium

Net Incurred Claims 914.51 819.38 674.94 717.04   92.19 13.83 127.45 13.32 119.4 3,697.60

Operating
1,121.28 1,096.89 596.44 460.13 -33.57 -8.17 -70.24 3.65 -20.58 3,107.65
Profit/Loss
Thank U