Marine insurance
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Marine insurance policies have several key features: They are based on a proposal and acceptance process, with coverage beginning on the date of acceptance. Policies include warranties that create legal obligations for the insured, and any breach of warranty cancels the policy. Marine insurance also requires the insured to have an insurable interest in the insured property at the time of loss.
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Marine insurance ppt
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.
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This document discusses various types of marine insurance policies and coverages. It outlines import policies, export policies, inland policies, marine hull insurance, and marine umbrella liability insurance. For marine hull insurance, it lists the various perils, losses, and damages covered such as fire, theft, accidents, and negligence. It also explains that marine umbrella liability insurance provides substantial benefits to ship operators, freight forwarders, ports, and others involved in shipping transportation.
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This document discusses the marine transportation industry and protection and indemnity (P&I) insurance. Some key points:
- The marine industry transports 96% of the world's goods and supports a global population of over 7 billion people. P&I insurance plays a critical role in insuring shipowners against third party liability claims.
- P&I clubs were established in the 1850s when shipping became commercially uninsurable due to high losses. Shipowners formed mutual insurance clubs to share risks.
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The marine policy is a legal document that outlines the terms and conditions of the insurance contract between the insurer and insured for marine insurance. It must be properly stamped. There are various types of marine insurance policies for different needs, including time, voyage, mixed, valued, unvalued, floating, open cover, fleet, specific cover, blanket, named, block, currency, PPI, cargo, and port risk policies. Policy conditions are divided into hull, cargo, and freight clauses to cover various risks associated with marine adventures.
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This document discusses a case study of a marine cargo insurance claim for rust damage to a shipment of steel coils from China. Key details include:
- 20 coils weighing 110 MT were imported from China and arrived in Chennai, India in late October 2011.
- Upon arrival in late November, the coils were found to be rusty. Tests determined the rust was not due to saltwater damage.
- Based on the pre-shipment storage conditions, rainy discharge period, and degree of rust, the surveyor concluded the rust damage likely occurred prior to shipment due to the coils being stored uncovered before loading.
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P&I Clubs are mutual insurance associations that provide coverage for shipowners and charterers against third-party liabilities arising from ship operations. They cover broader risks like cargo damage, collisions, pollution, injuries, and loss of life that regular marine insurers are unwilling to cover. The document discusses key differences between P&I Clubs and marine insurers as well as cargo insurers. It also provides examples of risks covered by P&I Clubs and outlines provisions of the Hague-Visby Rules governing carrier liability.
Marine insurance
1. A vessel carrying segregated gasoline and gasoil cargoes was found to have off-specification gasoil upon arrival at the discharge port due to a contaminated flash point.
2. Testing revealed the double valve segregation between cargo tanks was not in place, allowing for a vapour phase contamination from the gasoline to impact the higher flash point gasoil.
3. Further gas chromatography–mass spectrometry testing of cargo samples identified the source of contamination as vapors from the gasoline cargo affecting the gasoil through the common inert gas system when segregation was breached.
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This document discusses the key elements of a marine insurance contract. It notes that a marine insurance contract must satisfy the requirements of a valid contract, including offer, acceptance, and consideration in the form of a premium. It also must adhere to insurance principles such as insurable interest, utmost good faith, subrogation, indemnity, contribution, and warranties. The document provides examples of insurable interest and subrogation in marine insurance contracts.
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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.
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This document discusses the marine transportation industry and protection and indemnity (P&I) insurance. Some key points:
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- P&I clubs were established in the 1850s when shipping became commercially uninsurable due to high losses. Shipowners formed mutual insurance clubs to share risks.
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The marine policy is a legal document that outlines the terms and conditions of the insurance contract between the insurer and insured for marine insurance. It must be properly stamped. There are various types of marine insurance policies for different needs, including time, voyage, mixed, valued, unvalued, floating, open cover, fleet, specific cover, blanket, named, block, currency, PPI, cargo, and port risk policies. Policy conditions are divided into hull, cargo, and freight clauses to cover various risks associated with marine adventures.
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This document discusses a case study of a marine cargo insurance claim for rust damage to a shipment of steel coils from China. Key details include:
- 20 coils weighing 110 MT were imported from China and arrived in Chennai, India in late October 2011.
- Upon arrival in late November, the coils were found to be rusty. Tests determined the rust was not due to saltwater damage.
- Based on the pre-shipment storage conditions, rainy discharge period, and degree of rust, the surveyor concluded the rust damage likely occurred prior to shipment due to the coils being stored uncovered before loading.
P & i clubs and claims related issues
P&I Clubs are mutual insurance associations that provide coverage for shipowners and charterers against third-party liabilities arising from ship operations. They cover broader risks like cargo damage, collisions, pollution, injuries, and loss of life that regular marine insurers are unwilling to cover. The document discusses key differences between P&I Clubs and marine insurers as well as cargo insurers. It also provides examples of risks covered by P&I Clubs and outlines provisions of the Hague-Visby Rules governing carrier liability.
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1. A vessel carrying segregated gasoline and gasoil cargoes was found to have off-specification gasoil upon arrival at the discharge port due to a contaminated flash point.
2. Testing revealed the double valve segregation between cargo tanks was not in place, allowing for a vapour phase contamination from the gasoline to impact the higher flash point gasoil.
3. Further gas chromatography–mass spectrometry testing of cargo samples identified the source of contamination as vapors from the gasoline cargo affecting the gasoil through the common inert gas system when segregation was breached.
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This document discusses the key elements of a marine insurance contract. It notes that a marine insurance contract must satisfy the requirements of a valid contract, including offer, acceptance, and consideration in the form of a premium. It also must adhere to insurance principles such as insurable interest, utmost good faith, subrogation, indemnity, contribution, and warranties. The document provides examples of insurable interest and subrogation in marine insurance contracts.
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Marine insurance is the oldest branch of insurance that covers marine cargo and marine hull. It provides protection to cargo during transit by road, rail, sea, and air. The insurance commences from when goods are dispatched and covers them until delivery at the final destination or for up to 60 days after unloading from a vessel. Major requirements for marine cargo export insurance include the invoice value and voyage details. Standard clauses set by Lloyd's of London are used worldwide in marine export and import policies.
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- Insurance requires an insurable interest, which is a financial interest in the subject matter being insured. This interest must exist when the policy is issued and when a loss occurs.
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- The principle of indemnity means that insurance pays to restore the insured to the same financial position as before a loss, not to benefit from a loss. Payments are made through cash, repair, replacement or reinstatement up to the sum insured or policy limits.
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This document discusses key concepts in insurance law. It defines insurance as a means of transferring risk through a contract where the insurer agrees to indemnify or pay benefits to the insured if a specified risk occurs, in exchange for a premium. The three branches of insurance law are insurance contract law, regulation of insurers, and laws regarding insurance intermediaries. Different types of insurance are distinguished based on the interest protected, duration, and peril insured against. Key requirements for a valid insurance contract and the process of claims are also outlined.
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This document provides an overview of the insurance industry in India. It discusses key concepts like the insurer, insured, and policy. It outlines the history of insurance in India dating back to 1850 and the nationalization of insurance companies in 1956. It also describes the main types of insurance like life, fire, marine, and general insurance as well as principles of insurance such as insurable interest, indemnity, and mitigation. The advantages of insurance for protection, investment, and industrial development are highlighted.
Transport Risk
This document provides information about unmanned aerial system (UAS) insurance. It discusses what is covered by UAS insurance policies and what is not covered. It also explains different types of coverage included in UAS policies, such as aircraft liability, contractual liability, and premises liability. The document provides details on policy terms, conditions, pilots covered, territory covered, and premium payment requirements. It emphasizes the importance of selecting an experienced UAS insurance broker and insurer.
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2010 11 pgp1-lab_written report_section_b_group 14_26-11-2010
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Chapter10. INSURANCE SERVICES( NIOS X -BUSINESS STUDIES)
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Life insurance
Life insurance provides a death benefit to beneficiaries that is paid out by an insurance company in exchange for premium payments from the insured. It is important for protecting dependents from financial loss if the primary income earner dies. There are two main types of life insurance - term insurance, which provides coverage for a set period of time without cash value accumulation, and permanent insurance, which provides lifetime coverage and allows cash value to grow within the policy. Factors like income needs of dependents and existing debts are considered to determine how much life insurance coverage is appropriate for an individual.
Sales letter
This document provides information about writing an effective sales letter. It begins with an introduction that defines a sales letter and its objective to persuade readers to purchase a product. It then discusses important aspects like getting the reader's attention, generating interest in the product, and convincing readers that the benefits outweigh the costs. The document also provides tips for writing sales letters, explains how to structure them with an attention-grabbing heading, body, and conclusion, and discusses how to effectively end a sales letter by specifying a call to action and deadline.
Memorandum presentation
The document defines a memorandum as a written report used for communication between individuals, businesses, and countries. It provides examples of memorandum structure and purposes, which include conveying information, informing decisions, and presenting reports. The summary outlines the typical structure of a memorandum, which includes describing a proposed policy, background information, key considerations, arguments for and against the policy, and a recommended decision.
Good & Bad Messages
This document discusses effective communication techniques for conveying both good and bad messages. It notes that communication is important in personal and professional life. The document outlines types of good and bad messages and provides examples of positive and negative word choices. It recommends being direct, providing context and support, acknowledging drawbacks, and ending on a positive note for good news. For bad messages, it advises being clear, helping the recipient understand and accept the news, maintaining trust and respect, and reducing anxiety to aid comprehension. The conclusion emphasizes the importance of direct, selective communication and addressing good news before bad to effectively convey messages.
Camels approach
The document discusses the CAMELS approach for assessing banks. CAMELS is an acronym that evaluates 6 key areas: Capital adequacy, Assets quality, Management capability, Earnings quality, Liquidity, and Sensitivity to market risk. For each area, the document outlines various financial ratios used to evaluate the bank's performance and risk in that area. Capital adequacy assesses capital reserves and ratios. Asset quality examines asset composition and non-performing loans. Management capability evaluates efficiency through ratios of profits and assets to employees. Earnings quality analyzes profitability and sustainability. Liquidity assesses the bank's ability to meet financial obligations. Sensitivity captures impacts of interest rate changes and market exposures.
Letter
This document discusses credit refusal letters and provides guidance on writing them. It begins by defining a credit refusal letter as a letter sent to inform a recipient that their credit request has been denied. It then provides tips for writing refusal letters, such as maintaining a polite tone, leaving the door open for future applications, and tailoring the letter to the recipient. The document also lists common reasons for credit refusal, such as high debt levels, low income, or poor credit history. Finally, it provides two sample refusal letters applying these tips for different scenarios of denying an individual or business client's credit request.
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This document provides information about writing a credit refusal letter. It discusses the different parts and styles of letters, as well as samples. It explains that a credit refusal letter should politely inform the recipient that their credit request has been denied, while leaving the door open for future applications. The document offers tips for an effective credit refusal letter, such as using a courteous tone and being brief. It also provides examples of common reasons for credit refusal like high debt levels or incomplete applications.
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Marine insurance
- 1. FEATURES OF MARINE INSURANCE Here are some of FEATURES of Marine insurance PROPOSAL AND ACCEPTANCE UTMOST GOOD FAITH COMES WITH WARRANTY INSURABLE INTEREST PROPOSAL AND ACCEPTANCE It is based on a general proposal and acceptance concept. Coverage of risk will start from the date of acceptance of the proposal by the insurance company. Any loss or damage to goods in transit occurring prior to the date of acceptance of proposal will not be covered under the marine insurance policy.
- 2. UTMOST GOOD FAITH Marine insurance policies work on the principle of utmost good faith. Owner of the goods or property to be transported must disclose all the required information accurately to the insurance company at the time of availing the marine insurance. Non-disclosure, mis-description or misrepresenting of facts and information by insured makes the marine insurance policy voidable at the time of claim. COMES WITH WARRANTY Marine insurance policies come with warranty which is a legal undertaking between insurance company and insured. It's basically a legal obligations by the insured. Marine insurance policy stands cancelled or terminated as soon as there is breach of warranty. INSURABLE INTEREST Marine insurance gets applicable only if the insured has an insurable interest in the subject matter (insurable property) at the time of loss. Requirement of insurable interest to be present only at the time of loss makes the marine insurance policy as ‘freely assignable'. Marine insurance policies ate loaded with many features. With variety of marine insurance policies available out there as per the specifications, need and requirement, getting the customized marine insurance plan which suit the business