Insurance serves as an excellent risk-management and wealth-preservation tool whether it's for auto, medical, liability, disability, or life. The business of insurance relates to protecting the economic value of assets. Marine insurance originated several centuries ago and Lloyd's Coffee House in London, opened in 1688, became recognized as an ideal place for obtaining marine insurance. Cargo insurance provides coverage for goods in transit by sea, air, rail, or post, protecting against risks of fire, theft, pilferage and more.

1. PRESENTED IN
Class of :-
Kislay Verma Sir
Presented by:
SUMANT KR.
SINGH
MBA/15017/15

2. Introduction….
In one form or another, we all own insurance. Whether it's auto,
medical, liability, disability or life, insurance serves as an
excellent risk-management and wealth-preservation tool.
The business of insurance is related to the protection of the
economic value of assets.
An asset is valuable to the owner because they get income or
benefits from it.

3. Insurance Regulatory and Development
Authority (IRDA).
 IRDA is the controlling and regulatory apex body in
the India for insurance sector.
 It was constituted by the IRDA Act, 1999.
 Headquarters are in Hyderabad, Telangana.
 Chairman :- T.S. Vijayan

4. ORIGIN OF MARINE INSURANCE.
Marine Insurance is not of recent origin.
 Its existence can be traced back to several centuries.
Marine insurance described as mother of all insurances.
 The market began in Lloyd's Coffee House, opened by Edward Lloyd in
around 1688 on Tower Street in the historic City of London.

5. Lloyd's Coffee House.
 The market began in Lloyd's
Coffee House, opened by Edward
Lloyd.
 Although the exact date of its
establishment is unknown,
evidence exists that Lloyd’s coffee
house was well known in London
business circles by 1688.
 This establishment was a popular
place for sailors, merchants, and
ship-owners, and Lloyd catered to
them with reliable shipping news.

6. Lloyd's Coffee House.
 The coffee house soon became recognised as
an ideal place for obtaining marine insurance.
 Lloyd’s technically is not an Insurance
company, but is an association that
provides physical facilities and services to
the members for selling Insurance.

7. The Marine Insurance Act 1963.
 The Marine Insurance Act is the controlling and regulatory
apex body in the India for Marine sector.
 Marine Insurance Act being passed by the Indian Parliament
on 18th April,1963.
 It have 91 SECTIONS Under Marine Insurance Act .

8. Hull Insurance
Cargo
Insurance

9. Definition of Marine cargo
Insurance.
Marine insurance is a contract whereby the
insurer undertakes to indemnify the assured,
in manner and to the extent thereby by
agreed, against marine losses, i.e. the losses
incident to marine adventure

10.  Cargo insurance provides cover for goods in transit by sea . Air, rail, or
by post.
 Export/ import shipments are covered against the risk of fire or
explosion , stranding of vessel , theft ,pilferage ,loss of package during
loading and unloading etc.
 War , strikes , riots and civil commotions can be added at extra premium.

11. MARINE CARGO – WAREHOUSE TO WAREHOUSE

12. 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.

13. During the transit loss can arise from:-
 Fire, explosion
 Contact with water
 Breakage
 Accident
 Derailment of
conveyance
 Theft
 Pilferage
 Non-delivery
Exposure to these
risks and the fact that
the goods are in
possession of a third
party enhances the
chances of loss.