All the required document related to marine insurance policy.

1. Documents related to marine insurance
Presented by-
Anami Bhagat
162017

2. Required Documentof Marine Insurance

3. • Marine insurance underwriting requires knowledge
of how trade both domestic and international is
conducted.
• These trades are generally conducted through
agents, brokers and intermediaries.
• They are commission agents, warehouse keepers,
shipping agents, freight forwarding agents and
Stevedores.
• Commission agents sell goods on behalf of the
principal for which they receive a commission.

4. • Brokers are agents who for a commission negotiate sale or
purchase of goods on behalf of other parties.
• They do not require title to the goods and do net assume
possession of goods.
• Warehouse keepers receive the goods for the purpose of
storage in their warehouses.
• Shipping agents have special arrangements with the ship
companies.
• They formulate the various shipping documents arrange for
the insurance of goods and pass the custom entry.
• Some specific documents such as open covers and Marine
Policy should be properly understood for Marine Insurance.

5. Open cover

6. • It is a kind of marine insurance policy.
• The insurer agrees to provide coverage for all cargo shipped during the
policy period.
• Most commonly purchased by companies that make frequent
shipments.

8. Marine Policy

9. • Risk covered
• Risk excluded
• Duration
• Claims
• Benefits of insurance
• Minimizing losses
• Avoidance of delay
• Laws and practices

13. Policy Schedule

14. • Policy number, place and date of issue
• Name of assured with address
• Transaction is financed by a Bank, the name of the Bank.
• Description of the voyage/transit.
• The subject-matter insured
• Classification of packing.
• Risks covered, risk excluded, duration other
• Term and conditions.

15. Surveyor’s Note

16. • Name and address of the surveyor
• Destination point to conducting a survey
• Survey of damaged goods insured under the policy and issue a surveyor
report.
• Name and Address of the claims Setting Office
• At destination which may be contacted so that the claim could be
serviced processed on ultimately settled on behalf of the insurer
concerned.

17. Certificate of insurance

18. • Issued by an insurance company
• Shows an abstract of the most important provisions of the insurance
contract.
• It is not a substitute for the actual policy
• It is non-negotiable