MARINE INSURANCE

INDRODUCTION

The business of effecting contracts of insurance upon the

vessels any description including cargo freights and other
interests which may be legally insured .
WHY MARINE INSURANCE SHOULD BE DONE
 Once the goods are moved out from the warehouse of the seller they are no
more in the custody of the seller or the buyer. They are rather in the hands
of a third party called the carrier during the transit loss can .

 Fire explosion
 Breakage
 Theft
 Accident
 Pilferage
MARINE POLICY

The terms and conditions on which a contract of marine

insurance is entered into between the assured and the
insurer are incorporated in a document .
It must be signed by or on behalf of the insurer .
It must be duly stamped under the stamp act 1899.
THE POLICY MUST SPECIFY

 The name of the assured or some person who effects the insurance on his behalf .
 The subject matter insured and the risk insured against .
 The voyage or period of time or both as the case may be covered by the
insurance.
 The name or names of the insurer or insurers .
TYPES OF MARINE INSURANCE

Freight insurance
Liability insurance
Hull insurance
Cargo insurance
FREIGHT INSURANCE

 The shipping company charges some freight for carrying the cargo
hence the shipping company has an interest in freight .

Liability insurance
 The insurance which being payable for the damage is known for
damage to the third party and compensation liability insurance.
HULL INSURANCE

 Ship is also insured like the goods against the risk rising out of marine voyage
this is know as insurance of ship or hull insurance.

Cargo insurance
 goods being carried by marine ships are known as cargo these goods are insured
against risk of voyage risks arising out of voyage include war, fire, theft,
forfeiture of goods by enemy etc.
PRINCIPLE OF IMPLIED WARRANTIES

 There are certain facts related with contract which need not to be explained
clearly and specification even in the absence of the such clarity and specification
their existence is accepted.

worthiness of ship
 Worthiness of ship means that ship should not have any type of problem which
can create the possibility of damage to the insured's property on the ship .
CONCLUSION

Marine insurance covers the physical loss or damage of

ships, cargo, terminals, and any transport by which the
property is transferred, acquired, or held between the points
of origin and the final destination. 
THANK YOU

PRESENTED BY
EDWIN THOMAS