This presentation provides an overview of marine insurance. Marine insurance covers loss or damage of ships, cargo, terminals, and cargo during transport by land or water. It insures against risks such as fire, explosions, contact with water, accidents, derailment, pilferage, and non-delivery. Marine insurance policies can be time policies, voyage policies, mixed policies, floating policies, valued policies, unvalued policies, and more. The presentation defines key elements of marine insurance contracts and policies, different types of marine perils and losses, various warranties, and classifications of marine losses.

1. Welcome
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3. Marine insurance means the contract of insurance upon vessels of
only descriptions including cargoes freights and other interests
which may be legally inured in or in relation to such vessels,
cargoes and freights, goods wares, merchandise and property of
whatever description insured for any transit by land or water.
Marine insurance covers the loss or damage of ships, cargo, terminals and any
transport or a cargo by which property is transferred acquired or held between
the points of origin and destination.
Definition of Marine Insurance:-

4. Reasons for Marine Insurance :-
Fire, explosion
Contact with water
 Breakage
Accident
Derailment of conveyance
Pilferage
Non-delivery

5. Essential Elements Marine Insurance:-
A. General or Legal elements of marine insurance
contract
• offer
• Acceptance
• Plurality of Member
• Competence of the Parties
• Legal Relationship
• Possibility and Responsibility of executing the contract
• Lawful Consideration
• Free Consent
• Written

6. 2.Special Elements of Marine insurance:-
• Insurable interest
• Utmost good faith
• Indemnity
• Subrogation
• Proximate cause
• Payment of premium
• Warranties

7. Marine perils means the perils
consequent on or incidental to the navigation
of the sea ,that is to say , perils of the seas ,fire,
warperils(enemies),Pirates,rovers,thieves,captu
res, restraints and detainment of princes and
peoples, jettison and other perils. Either of the
like kind or which may be designated by the
policy.

8. A. Natural Perils
o Cyclone
o Strike from sinking mountain
o Thunder
o Strike from Ice
B. Unnatural/moral Perils
o Fire
o Thieves
o External enemies
o Capture
o Betrayal
o Jettison
o War
o Strike/Riots etc.

9. Types of Warranties in Marin Insurance:-
A.Implied Warranties
Seaworthiness
Legality
B. Express
Towing Warranties
Others

10. Types of Marine Insurance :-
Hull Insurance
Cargo Insurance
Freight Insurance
Liability Insurance

11. 1. Time Policy
2. Voyage Policy
3. Mixed Policy
4. Floating Policy
5. Valued Policy
6. Unvalued Policy
7. Blanked Policy
8. Builder’s risk Policy
9. Port risk Policy
10. Named Policy
11. Single vessel and Fleet Policy
12. Block Policy
13. Currency Policy
14. Wager Policy
Types of Marin Insurance Policy:-

12. CLASSIFICATION OF MARINE LOSSES:-
A. Total loss
 Actual Total Loss
 Constrictive total loss
B. Partial Loss
 Particular Averages Loss
 General average loss

13. Different types of partial loss:-
A. Particular average losses
 Particular partial loss of ship
 Particular partial loss of goods
 Particular partial loss of compensation
B. General average losses
 Sacrifice
 Compensation
 Other related expenses
C. Particular charges
 Sue and Labour
 Extra charges
D. Salvage charges

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Copy Right@Omar Farok (MGT)