Marine insurance in Bangladesh

1. Group
02
ID: 12005002-12005032 [Even]
MARINE INSURANCE
03/01/23

2. What is Marine Insurance?
Shaurav Banik [ID: 12005002]
01
02 Features of marine insurance.
Nadia Mehajabin [ID: 12005010]
Importance of marine insurance.
Tahmina Khanam [ID: 12005024]
03
04 Warranty of Marine Contract.
Farzana Akter [ID: 12005008]
Types of Marine Insurance.
Moshiur Rahman [ID: 12005012]
05
Difference Hall and Cargo Insurance.
Md. Meraj Hossain [ID: 12005028]
06
07 Marine Perils.
Morium Begum [ID: 12005014]
Marine Perils.
Kamrul Hasan [ID: 12005018]]
08
TABLE OF CONTENTS

3. Particular Charge/General
Average/Salvage charge.
Md. Taslim Mahmud [ID: 12005004]
13.
Successive loss/Subrogation/
Effect of over and under insurance.
Jannatul Ferdus Tonni [ID: 12005032]
14.
15. Different between Fire & Marine Insurance.
Md. Habibur Rahman [ID: 12005022]
Conclusions.
MD Hossain [ID: 12005020]
16.
Claims and Settlement.
Md. Sabuj Hossen [ID: 12005026]
11.
12. Documents in Different Types of Claim.
Iftekar Uddin Ahmed Asif [ID: 12005016]
09. Clauses of Marine Policy.
Naymun Nahar Akhi[ID12005030]
Clauses of Marine Policy.
Shefaly Akter [ID12005006]
10.
TABLE OF CONTENTS

4. Shaurav Banik
ID: 12005002
Meaning of
Marine Insurance.
01

5. What is Marine Insurance?
Marine Insurance is a type of insurance
designed to provide coverage for the
transportation of goods either on the
ocean or by land as well as damage to the
waterborne instrument of conveyance and
to the liability for third parties arising out of
the process.

6. Meaning of
Marine Insurance.
01

7. Nadia Mehajabin
ID: 12005010
Features of
Marine Insurance
02

8. Features of Marine
Insurance
01
Proposal and
acceptance
02
Payment of
premium
03
Contract of
indemnity
04
Insurable
interest
Features of
Marine Insurance
02

9. Features of Marine
Insurance
05
Utmost good
faith
06
Principle of
Subrogation
07
Principle of
Contribution
08
Comes with
warranty
Features of
Marine Insurance
02

10. Tahmina Khanam
ID: 12005024
Importance of
Marine Insurance.
03

11. Importance of
Marine Insurance.
03
Why Marine Insurance?

12. Marine insurance improves
the quality of life
It covers cost from
general average loss.
Marine insurance
facilitates global trade.
Marine insurance
provides peace of mind
Marine insurance ensures
the economic property.
Marine insurance
provides social benefits
Importance of
Marine Insurance.
03

13. Warranty of
Marine Contract
04
Farzana Akter
ID: 12005008

14. What is warranty?
In marine insurance, it is a
statements of facts according
to which the insured promises
to do or not to do some
particular thing or to fulfill or
not to fulfill a certain condition.
Warranty of
Marine Contract
04

15. Types of Warranty
Implied Warranties
 Sea Worthiness of Ship.
 No Delay in Voyage.
 Legality of Voyage.
 Non-Deviation.
Express Warranties
 Safe time of Voyage.
 Actual Date of Voyage.
 Having Security Force.
 Certain Area of Voyage.
 Impartiality of wealth.
Warranty of
Marine Contract
04

16. Moshiur Rahman
ID: 12005012
Types of Marine
Insurance.
05

17. PPT下载 http://www.1ppt.com/xiazai/
Types of
Marine Insurance.
05
Freight
Insurance
01
Hull
Insurance
02
Marine Cargo
Insurance
03
Liability
Insurance
04

18. Freight Insurance
Freight insurance in marine insurance
covers the loss of freight suffered by
the vessel operator. If, however, the
goods face any damage in transit, the
operator loses the freight receivable.
A freight insurance policy, therefore,
compensates for the loss of freight.
Types of
Marine Insurance. 05

19. Hull Insurance
Hull refers to the body of a vessel.
This boat insurance plan is like a
comprehensive automobile insurance.
It covers all kinds of vessels going into
the ocean, including ships, tankers,
bulk carriers, dredgers, trawlers,
yachts, cruises and other pleasure
boats, jetties and wharfs.
Types of
Marine Insurance.
05

20. Marine Cargo
Insurance
Marine cargo policy refers to the
insurance of goods dispatched
from the country of origin to the
country of destination.
Types of
Marine Insurance. 05

21. Liability Insurance
Marine Liability insurance is where
compensation is bought to provide
any liability occurring on account of
a ship crashing or colliding.
Types of
Marine Insurance.
05

22. Difference Between
Hall and Cargo.
06
Md. Meraj Hossain
ID: 12005028

23. Marine
Perils.
07
Morium Begum
ID: 12005014

24. Marine perils is an expression defined
to mean the perils consequent on, or
incident to the navigation of the sea.
Marine Perils
Marine
Perils.
07

25. Different categories of marine perils-
01
02
03
04
09
05
06
07
08 10
Perils of Sea
Fire
Enemies
Pirates,
Rovers, Thieves
Jettison
Barratry
Restrains &
Detainments
The Free of
Capture &
Seizure Clause
Explosion
Strikes &
others
Marine
Perils. 07

26. Perils of sea
Perils of sea means damages to the
vessel during the voyage by the Act of
God without any intervention of a human.
 Foundering At Sea.
 Ship Wreckage.
 Standing.
 Collision.
Marine
Perils.
07

27. Fire
Fire resulting from lightning,
spontaneous combustion, explosion,
negligence of the master or crew etc.
are covered by the policy.
Marine
Perils. 07

28. Enemies
Enemies include all types of ships
belonging to the foe, all damages and
losses or enemy countries and to their
hostile act.
Marine
Perils.
07

29. Pirates, Rovers,
Thieves
These acts are generally committed for the pursuit of individual gain
by the persons beyond the jurisdiction of a state.
Jettison
Jettison means voluntary throwing away of
the cargo or part of a vessel's equipment for
the lightening or relieving the ship for
common safety.
Marine
Perils. 07

30. Kamrul Hasan
ID: 12005018
Marine
Perils.
07

31. Barratry
Barratry includes every wrongful act willfully committed
by the master or crew the prejudice of the owner.
Restraints
The preventions free use of a port by the government of
the country is called restraints. It may cause interruption
and possible loss of voyages involving such ports and
sacrifice of cargo.
Marine
Perils. 07

32. The Free of Capture &
Seizure Clause
The policy generally covers war perils. But, to
include the perils of the sudden declaration of war,
the war clause or free of capture and seizure clause
is added to relieve war perils.
Marine
Perils.
07

33. Explosion
The explosion on board a vessel damaging hull or
cargo or both could be constructed as peril on the
sea, and an explosion onshore might damage a
ship or its cargo.
Marine cargo policies were amended to include the
risk of explosions not clearly caused by war perils.
In case of hull policies, the explosion ‘on shipboard
or elsewhere’ is covered in the amended
“Inchmaree or Negligence clause”.
Marine
Perils. 07

34. Strikes & others
The marine insurance on cargo is extended to
cover from warehouse to warehouse or otherwise
insures the goods on shore prior to shipment and
after discharge; the danger of underwriters being
held liable for losses, resulting from the unlawful
acts of strikers from riots or civil commotions is
materially All enhanced.
Marine
Perils.
07

35. Naymun Nahar Akhi
ID:12005030
Clauses of
Marine Policy
08

36. A marine insurance policy may have a number of clauses. These clauses may be
general for all types of policies or may be special to cover certain agreed points. A
policy should cover all types of things so that it may avoid misunderstanding or
avoid disputes at a later stage.
Clauses of
Marine insurance
Assignment clause. 01
Assigned freely to any person having an
insurable interest in subject matter for cargo.
02
Risk commences at a specified place and continued
until the vessel has anchored and reached its
destination.
At and from clause.
Clauses
of Marine Policy
08

37. Inchmaree clause. 03
This clause covers loss or damages to ship or
machinery which happen due to the negligence
of the ship owner.
06
It covers risks to goods arising from the time
leave the consignor's warehouse until they
reach the consignee's warehouse.
Warehouse-to-warehouse
Sue & labor clause 04
The money spent to save goods from an
impending loss or damage can be recovered
from Marine insurance.
Reinsurance clause 05
Normally as with any other policy
07
This clause provides that the insurance is
against all risks of loss or damage to the subject
matter, insured and that the claims are payable
irrespective of percentage.
All risks clause
08
This clause was commonly used in the days
before internet communication was not
available.
Lost or not lost clause.

38. Shefaly Akter
ID:12005006
Clauses of
Marine Policy
08

39. Valuation Clause. 09
value of the subject is the value Decided between
both parties. The compensation amount Would
not exceed the amount stated in the Marine
insurance policy.
12
It means throwing off certain cargo from the Ship
and lightening the load during an Emergency. It is
necessary to do this in order to avoid any marine
peril to happen.
Jettison:
Memorandum Clause. 10
Goods carried are often Perishable and
therefore, get damaged. This Clause saves
the insurer from paying small Losses related
to perishable items.
Change of voyage. 11
Details regarding the voyage including the
Ports of departure & arrival and the route
are clearly defined in this clause.
13
Under this clause, Marine Insurance will cover a
sea voyage Undertaken by the ship up to a
Particular period after the expiry of Which the
insurer is not supposed to cover any risk.
Continuation clause.
14
This clause says insurer and the insured settle
their disputes through an arbitration procedure.
Arbitration clause.

40. Md. Sabuj Hossen
ID: 12005026
Claims &
Settlement
09

41. An insurance claim is a formal
request made by the policyholder
to the insurer for compensation
against losses covered in the
insurance plan.
What is Claim
Claims &
Settlement 09

42. Reasonable Care.
Notice to the Insurer.
Marine insurance
Claim process
Survey and
Claim.
Missing
Packages.
Claim Duration.
Claims &
Settlement
09

43. Documents Required
for Claim Process
01
Original marine
insurance policy
or certificate
02
Copy of bill
of lading.
03
Survey
report.
04
Original invoice
& Packing List.
05
Claim bill.
Documents Required
for Claim Process 10

44. Exclusions of Claim
Process of Marine
Insurance
 Wilful, planned or intentional misconduct
 Strike, rioting, war
 Poor packaging quality of the cargo
 Delays
 General leakage or wear and tear of the cargo
 Financial distress or insolvency of the shipping line
 Removal of wreck
Marine insurance has various kinds of coverage for the benefit of all. However, the
policy does not cover certain situations, also called exclusions. Some of these
cases are
Documents Required
for Claim Process
10

45. Iftekar Uddin Ahmed Asif
ID: 12005016
Documents in
Different Types of
Claim
11

46. Md. Taslim Mahmud
ID: 12005004
Particular Charge/General
Average/Salvage charge.
12

47. Expenses incurred by or on behalf of the assured for the safety or
preservation of the subject-matter insured, other than general average and
salvage charges, are called particular charges. Particular charges are not
included in particular average.
Particular charge
A general average loss is a loss caused by or directly consequential on a
general average act. It includes a general average expenditure as well as a
general average sacrifice
General Average
Particular Charge/General
Average/Salvage charge. 12

48. Salvage charges” means the charges recoverable under maritime law by a
salvor independently of contract. They do not include the expenses of services
in the nature of salvage rendered by the assured or his agents, or any person
employed for hire by them, for the purpose of averting a peril insured against.
Salvage charge
The insured can recover from the underwriter a loss to the extent of the insurable
value of the property insured if it was an unvalued policy. In the case of a valued
policy, the assured can recover the loss to the full extent of the value fixed by the
policy. Subject to the average clause, where there are two or more underwriters,
they shall bear the loss in the proportion of their subscription.
Extent of liability
Particular Charge/General
Average/Salvage charge. 12

49. Jannatul Ferdus Tonni
ID: 12005032
Successive loss/Subrogation/
Effect of over & under insurance.
13

50. Md. Habibur Rahman
ID: 12005022
Different between
Fire & Marine
Insurance.
15

51. MD Hossain
ID: 12005020
Conclusions
16

52. What is
Marine Insurance?
Marine Insurance is a type of insurance
designed to provide coverage for the
transportation of goods.
Conclusions
16

53. Features of Marine
Insurance
Conclusions
16
 Proposal and acceptance
 Payment of premium
 Contract of indemnity
 Insurable interest
 Utmost good faith
 Principle of Subrogation
 Principle of Contribution
 Comes with warranty

54. Why Marine Insurance?
Conclusions
16

55. 1. Express Warranties.
2. Implied Warranties.
Warranty of
Marine Contract
Conclusions
16

56. PPT下载 http://www.1ppt.com/xiazai/
1. Freight Insurance
2. Hull Insurance
3. Marine Cargo Insurance
4. Liability Insurance
Types of
Marine Insurance.
Conclusions
16

57. Marine Perils
 Perils of Sea
 Fire
 Enemies
 Pirates, Rovers,
Thieves
 Jettison
 Barratry
 Restrains &
Detainments
 The Free of Capture
& Seizure Clause
 Explosion
 Strikes & others
Conclusions
16

58. Clauses of
Marine insurance
 Assignment clause.
 At and from clause.
 Inchmaree clause.
 Sue & labor clause
 Reinsurance clause
 All risks clause
 Lost or not lost clause.
 Warehouse-to-warehouse
 Valuation Clause.
 Memorandum Clause.
 Change of voyage.
 Jettison:
 Continuation clause.
 Arbitration clause.
Conclusions
16

59. Claims
& Settlement
 Notice to the Insurer.
 Reasonable Care.
 Survey and Claim.
 Missing Packages.
 Claim Duration.
Documents Required
for Claim Process
 Original marine insurance
policy or certificate.
 Copy of bill of lading.
 Survey report.
 Original invoice & Packing List.
 Claim bill.
Conclusions
16

60. Particular charge
General Average
Salvage charge
Extent of liability
Conclusions
16

61. Group
02
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