Marine insurance contract
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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 provides an overview of marine insurance and key concepts related to business risk management. It defines marine insurance as a contract where the insurer agrees to indemnify the insured for losses from marine adventures. Some key points covered include the meaning and purpose of marine insurance policies, principles like utmost good faith and insurable interest, types of policies and clauses, insured perils and exclusions, losses like total/partial/average losses, and warranties. The document also compares the different levels of coverage under the Institute Cargo Clauses A, B and C.
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This ppt is about maine insurance and process related to it and what are the benefits of having marine insurance
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 different types of marine insurance. It explains that marine insurance indemnifies the insured against losses related to marine adventures. It then discusses various types of marine insurance including hull insurance, which insures the ship itself and machinery; cargo insurance, which covers damage to goods in transit; and protection and indemnity insurance, which covers the shipowner's legal liabilities to third parties such as oil pollution claims. The document provides details on the types of risks and losses covered under each type of marine insurance.
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1) Bibhash Roy is seeking fire insurance for closing stock estimated at 71,000 under an insurance policy.
2) The document outlines the types of property that can be insured against fire loss, the causes of fire loss covered, documentation required to submit a claim, and types of fire insurance policies.
3) It provides a sample claim calculation showing estimated stock loss of 58,000 and a claim amount of 32,676 based on policy limits.
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marine insurance
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
Important conditions in marine policy
This document discusses the important conditions and clauses found in marine insurance policies. It explains that there are generally three main types of clauses: hull clauses, cargo clauses, and freight clauses. Hull clauses cover losses related to vessels, cargo clauses define the scope of cargo insurance, and freight clauses cover losses of freight revenue. Some key clauses discussed include assignment clauses, "at and from" clauses, deviation clauses, sue and labor clauses, and various other clauses relating to specific risks or terms of the policy.
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This document discusses key principles of insurance, including insurable interest, subject matter of insurance, assignment of policies, utmost good faith, proximate cause, indemnity, subrogation, and contribution. It defines these terms and explains concepts like when insurable interest must exist, exceptions to free assignment of policies, the duration of utmost good faith, factors limiting indemnity, and conditions required for contribution between insurers.
Marine insurance
Marine insurance provides coverage for losses incurred during maritime transport. There are several types of marine insurance policies including hull, cargo, freight, and liability insurance. Key aspects of marine insurance policies include indemnifying the assured for losses but not allowing them to profit, determining premium amounts based on risk assessments, and specifying covered risks and perils. Standard institute clauses are often used for hull and cargo insurance policies to clearly define coverage.
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This document provides an overview of commercial crime insurance. It covers types of crime coverage including employee dishonesty insurance. It describes common commercial crime forms and policies that can be standalone or part of a package. The document outlines primary insuring agreements for losses including employee theft, forgery, and robbery. It also discusses additional insuring agreements via endorsements, exclusions, and differences between discovery and loss sustained coverage. In summary, the document provides details on coverages, forms, and provisions included in commercial crime insurance policies.
third party Insurance
- Third party insurance is mandatory under the Motor Vehicles Act and provides coverage for legal liabilities towards third parties for bodily injury, death or property damage caused by the vehicle. It does not cover damages to the insured vehicle.
- The policy covers the insured's liability towards anyone other than the policyholder or insurer (known as third parties), including passengers, pedestrians or other vehicle owners. Claims are paid as per the Motor Vehicles Act even if defenses are proved by the insurer.
- To claim, one needs documents like the claim form, police report, driving license, insurance policy and vehicle registration. Court precedents have established the scope and liabilities under a third party policy.
Marine Insurance
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.
Indirect taxes
1. Indirect taxes are taxes that are paid indirectly by consumers when purchasing goods or services, with the impact being on one person and the incidence on another.
2. Examples of indirect taxes include excise duty, customs duty, sales tax, service tax, and octroi. These taxes can be shifted from the original payer to other persons.
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This document provides an overview of fire insurance. It discusses key concepts such as utmost good faith, indemnity, insurable interest, and subrogation. It describes what can be covered by fire insurance including buildings, machinery, goods, and household contents. It also summarizes different types of fire insurance policies such as specific insurance, floating insurance, and standing insurance.
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The document discusses various aspects of marine insurance including key principles like indemnity, insurable interest, utmost good faith, and proximate cause. It describes different types of marine insurance policies like voyage and time policies. It also discusses warranties, the marine insurance market in London, and covers provided under hull and machinery (H&M) and protection and indemnity (P&I) insurance.
General insurance
General insurance provides protection from losses not covered by life insurance. It includes classes like fire, marine, motor, health, liability, burglary, rural, and fidelity guarantee insurance. Fire insurance compensates for damage from fire to property. Marine insurance covers goods damaged or lost during sea, land or air transport. Motor insurance provides financial protection for vehicle damage or injury from road accidents. Health insurance covers medical costs from illness or hospitalization. Liability insurance protects businesses from legal responsibilities for injuries to others.
Marine insurance
This document provides an overview of various topics related to marine insurance. It discusses the international marine insurance market and key participants like brokers, underwriters and associations. It also outlines principles of marine insurance including insurable interest, warranties, measures of indemnity, total and partial losses, general average, and exclusions. The document also summarizes cargo and hull insurance clauses, policies and claims procedures.
Nature of contract
The document discusses key concepts in corporate and business law, specifically the Indian Contract Act of 1872. It defines what a contract is under Indian law, noting that a contract is an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and certainty of terms. It also classifies contracts according to their validity, formation, and time of performance.
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The Insurance Act of 1938 was the first legislation to provide strict state control over the insurance business in India. It applied to all types of insurance and prohibited certain entities from conducting insurance transactions. It established requirements for insurer capital, deposits with the Reserve Bank of India, registration with authorities, submission of annual returns, licensing of insurance agents, investment regulations, prohibitions on loans to executives, investigations of insurers, and duties of the Controller of Insurance. The Act aimed to regulate and oversee the entire insurance industry in India.
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This document provides an overview of fire insurance. It discusses key principles of insurance like utmost good faith, indemnity, and insurable interest. It also describes different types of fire insurance policies like valued policies, floating policies, declaration policies, and adjustable policies. The document outlines the scope of fire insurance and covers losses from fire and other perils. It also discusses the rights of insurers like salvage, subrogation, and contribution. Specific policy and average policy are also summarized.
Performance of contract
This document discusses various aspects of performance of contracts under Indian contract law. It defines actual performance as both parties fulfilling their obligations under the contract, while attempted performance or tender refers to the promisor offering to perform but the promisee refusing acceptance. It also discusses rules around tender, who can demand performance, devolution of joint rights, performance of reciprocal promises, and consequences of default or prevention of performance.
Types of marine insurance contracts
This document discusses different types of marine insurance. It explains that marine insurance indemnifies the insured against losses related to marine adventures. It then discusses various types of marine insurance including hull insurance, which insures the ship itself and machinery; cargo insurance, which covers damage to goods in transit; and protection and indemnity insurance, which covers the shipowner's legal liabilities to third parties such as oil pollution claims. The document provides details on the types of risks and losses covered under each type of marine insurance.
fire insurance
1) Bibhash Roy is seeking fire insurance for closing stock estimated at 71,000 under an insurance policy.
2) The document outlines the types of property that can be insured against fire loss, the causes of fire loss covered, documentation required to submit a claim, and types of fire insurance policies.
3) It provides a sample claim calculation showing estimated stock loss of 58,000 and a claim amount of 32,676 based on policy limits.
Reinsurance
It is an topic related to insurance subject. In this presentation it has been explained very well. Please read it.
marine insurance
Marine insurance covers risks associated with transporting cargo by sea. It protects shipowners, cargo owners, and transport companies from financial losses. There are several types of marine insurance policies that cover different aspects like hulls, cargo, and freight. The key principles of marine insurance include utmost good faith between parties, the insured having an insurable interest, indemnifying only the extent of loss, and determining the proximate cause of loss when multiple causes contribute. Marine insurance helps ensure safe and reliable international trade by compensating losses from risks at sea.
Important conditions in marine policy
This document discusses the important conditions and clauses found in marine insurance policies. It explains that there are generally three main types of clauses: hull clauses, cargo clauses, and freight clauses. Hull clauses cover losses related to vessels, cargo clauses define the scope of cargo insurance, and freight clauses cover losses of freight revenue. Some key clauses discussed include assignment clauses, "at and from" clauses, deviation clauses, sue and labor clauses, and various other clauses relating to specific risks or terms of the policy.
principles of insurance
This document discusses key principles of insurance, including insurable interest, subject matter of insurance, assignment of policies, utmost good faith, proximate cause, indemnity, subrogation, and contribution. It defines these terms and explains concepts like when insurable interest must exist, exceptions to free assignment of policies, the duration of utmost good faith, factors limiting indemnity, and conditions required for contribution between insurers.
Marine insurance
Marine insurance provides coverage for losses incurred during maritime transport. There are several types of marine insurance policies including hull, cargo, freight, and liability insurance. Key aspects of marine insurance policies include indemnifying the assured for losses but not allowing them to profit, determining premium amounts based on risk assessments, and specifying covered risks and perils. Standard institute clauses are often used for hull and cargo insurance policies to clearly define coverage.
Crime
This document provides an overview of commercial crime insurance. It covers types of crime coverage including employee dishonesty insurance. It describes common commercial crime forms and policies that can be standalone or part of a package. The document outlines primary insuring agreements for losses including employee theft, forgery, and robbery. It also discusses additional insuring agreements via endorsements, exclusions, and differences between discovery and loss sustained coverage. In summary, the document provides details on coverages, forms, and provisions included in commercial crime insurance policies.
third party Insurance
- Third party insurance is mandatory under the Motor Vehicles Act and provides coverage for legal liabilities towards third parties for bodily injury, death or property damage caused by the vehicle. It does not cover damages to the insured vehicle.
- The policy covers the insured's liability towards anyone other than the policyholder or insurer (known as third parties), including passengers, pedestrians or other vehicle owners. Claims are paid as per the Motor Vehicles Act even if defenses are proved by the insurer.
- To claim, one needs documents like the claim form, police report, driving license, insurance policy and vehicle registration. Court precedents have established the scope and liabilities under a third party policy.
Marine Insurance
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.
Indirect taxes
1. Indirect taxes are taxes that are paid indirectly by consumers when purchasing goods or services, with the impact being on one person and the incidence on another.
2. Examples of indirect taxes include excise duty, customs duty, sales tax, service tax, and octroi. These taxes can be shifted from the original payer to other persons.
3. While indirect taxes constitute a major source of government revenue, they are generally considered regressive as the tax burden does not vary based on ability to pay.
Types of general insurance covers
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
Standard Fire & Special Perils Policy (Internal Training)
The most popular and applicable Asset Insurance policy probably in the world. Cover your belongings against the risk of Fire, Earthquake and other Natural Calamities, Riots, Stikes and Malicious Damage. Get a quick quote by submitting your requirement at https://squareinsurance.in/contact
Fire Insurance
This document provides an overview of fire insurance. It discusses key concepts such as utmost good faith, indemnity, insurable interest, and subrogation. It describes what can be covered by fire insurance including buildings, machinery, goods, and household contents. It also summarizes different types of fire insurance policies such as specific insurance, floating insurance, and standing insurance.
Conditions and warranties
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
Marine insurance
The document discusses various aspects of marine insurance including key principles like indemnity, insurable interest, utmost good faith, and proximate cause. It describes different types of marine insurance policies like voyage and time policies. It also discusses warranties, the marine insurance market in London, and covers provided under hull and machinery (H&M) and protection and indemnity (P&I) insurance.
General insurance
General insurance provides protection from losses not covered by life insurance. It includes classes like fire, marine, motor, health, liability, burglary, rural, and fidelity guarantee insurance. Fire insurance compensates for damage from fire to property. Marine insurance covers goods damaged or lost during sea, land or air transport. Motor insurance provides financial protection for vehicle damage or injury from road accidents. Health insurance covers medical costs from illness or hospitalization. Liability insurance protects businesses from legal responsibilities for injuries to others.
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This document provides an overview of various topics related to marine insurance. It discusses the international marine insurance market and key participants like brokers, underwriters and associations. It also outlines principles of marine insurance including insurable interest, warranties, measures of indemnity, total and partial losses, general average, and exclusions. The document also summarizes cargo and hull insurance clauses, policies and claims procedures.
Nature of contract
The document discusses key concepts in corporate and business law, specifically the Indian Contract Act of 1872. It defines what a contract is under Indian law, noting that a contract is an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and certainty of terms. It also classifies contracts according to their validity, formation, and time of performance.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Marine Insurance
This document provides an introduction and overview of marine insurance. It discusses the history and origins of marine insurance in ancient Greece, Rome, and Italy. It defines the nature and scope of marine insurance as covering losses related to ships, cargo, and transportation by sea. The document then outlines the main types of marine insurance, including hull insurance, cargo insurance, freight insurance, and marine liability insurance. It also mentions different types of marine insurance policies like voyage policies, time policies, and mixed policies.
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- Insurable interest requires that the insured has a financial stake in the insured subject both at the start and at the time of loss. This differs from gambling.
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
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Marine insurance contract
- 2. Nature of marine insurance contract Marine insurance being a contract should satisfy the essential elements in valid contract . It should satisfy the insurance principles as applicable to marine insurance.
- 3. The essential elements of marine insurance contract a) Offer – in the form of proposal. b) Acceptance – issue of cover note / policy. c) Consideration – premium payable on policy.
- 5. Insurable interest In marine insurance, an insurable-interest must be present when a claim occurs, but not necessarily when the policy is taken. example, a supplier may obtain a blanket policy for the goods to be shipped in an year but must show that the goods were actually shipped when making a claim for loss or damage
- 6. Subrogation OThe insurer on the payment of claims for losses which may be partial or total , is subrogated to all the rights and remedies of the assured in respect to the subject matter insured.
- 7. OIn case of total loss, insurer is entitled to take over the interests of assured in Toto OIn case of partial loss, the insurer has not such rights . His rights are limited to indemnity made.
- 8. Contribution O When for the same subject matter of marine insurance, there are more than one policy such that sums insured exceed the indemnity allowed by the act, the assured shall be deemed to be recover insured and rateable proportion shall apply to such cases.