This document discusses various types of marine insurance policies. Marine insurance covers goods being transported by sea, inland waterways, or air. It insures cargo and freight during transit, as well as ships and vessels. Common types of marine insurance policies include cargo insurance, hull insurance, and war risk insurance. Cargo insurance covers goods and products being shipped. Hull insurance covers vessels like ships, boats, and offshore rigs. War risk insurance provides additional coverage for risks like war and terrorism. The document outlines policy terms, exclusions, and claim procedures for different types of marine insurance.

1. Marine Insurance
Prepared By
Jinu Philip
Aditya Tamrakar
Anurag Sahu
Abhishek Gupchup

2. Marine Insurance
Marine insurance is essential to overseas trade,
inland trade and to shipping. It is concerned with
• the insurance of goods in transit
• Insurance of the ship
• the insurance of freight at the risk of the carrier

3. ORIGIN
• In 17th century Lloyd coffee house London was one of the
place where all sea traders gathers and discuss insurance
deals among themself
• Now Lloyd's coffee house today is broking house in London

4. Why Marine Insurance

7. Marine Cargo insurance policy

8. Cargo insurance
• Marine cargo insurance which provide insurance cover in
respect of loss of or damage to good during transit by road
rail , sea or air

9. SCOPE
• Inland Transport
• Import
• Export

10. Types of policy
• Annual Turn Over Policy
• Specific Voyage
• Annual Policy
• Open Cover

11. Exclusions
• Deliberate damage/destruction of the vessel by wrongful act of
any person
• Use of any weapon of war employing atomic / nuclear fission
and or fusion.
• Radioactive Contamination, Chemical, Biochemical, Biological,
Electromagnetic Weapons.
• Insolvency or financial default of the vessel owner /operators
/charterers
• War / civil war, Strike, Riot or Civil Commotion
• Any terrorist or person/s acting with political motive

12. Add on cover
• SRCC - Strike, riot and civil commotion (including terrorist act)
• FOB - Where the inland transit is required to be extended to
cover the goods till they are loaded on board the vessel , this
extension can be taken.
Export /Import policies can be extended to cover War and /or
SRCC perils on payment of an additional premium.

13. Step to claim
• Take immediate steps to minimise loss.
• Inform nearest office of the insurance company or claim
settling agent mentioned on the policy.
• In case of damage to goods whilst on ship or port , arrange for
joint ship survey or port survey.
• Lodge monetary claim with carrier within stipulated time period.

14. • Submit duly assigned insurance policy/certificate along with
the original invoice and other documents required to
substantiate the claim such as :Bill of Lading / AWB/GR
• Packing list
• Copies of correspondence exchanged with carriers.
• Copy of notice served on carriers along with
acknowledgment/receipt.
• Shortage/Damage Certificate issued by carriers

15. • Survey fees is to be paid to the surveyor appointed by the
insurance company. This fees will be reimbursed along with
the claim if the claim is otherwise admissible

16. Hull Insurance
• Marine Hull insurance covers nearly everything that floats
and moves, starting with rowing boat to huge ocean going
tankers.
It covers
• All types of Oceangoing vessels
• All type of Coastal/Inland vessels
• Yard and pleasure Crafts
• Port Crafts
• Shipbuilding- construction of vessel
• Ship Repairers' Liabilities

17. Cont……
• Charterers Liabilities
• Breaches of warranties / voyage cover
• Freight- at -Risks insurance for voyages
• Dredgers
• Fishing vessels / Trawlers
• Sailing Vessels
• Jetties ( with or without cranes ), fixed
pontoons/Pontoons Jetties, wharves etc.
• Ship breaking

18. Perils covered
• Fire, explosion
• Stranding, sinking etc.
• Overturning, derailment ( of land conveyance )
• Violent theft by persons outside the vessel.
• Collision
• General average sacrifice, sacrifice, salvage charges
• Jettisons
• Piracy
• Breakdown of or accident to nuclear installations or reactors
• Contact with aircraft or similar objects, or objects falling there
from, land conveyance , dock or harbor equipment or
installation.
• Earthquake volcanic eruption or lightning.
• Crew Negligence.

19. Exclusions
• Confiscation, requisition, detention
• Blocking of sewers, drains
• Wear & Tear, deterioration
• Error in design, workmanship
• Mechanical / Electrical Breakdown