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.
Marine Insurance is considered to be a tough nut to crack. This slide presentation would give the viewers some basic aspects of Marine Insurance. Suggestions and comments are welcome.
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
Marine Insurance is considered to be a tough nut to crack. This slide presentation would give the viewers some basic aspects of Marine Insurance. Suggestions and comments are welcome.
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
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Marine Insurance, Perils in Marine Insurance, Types of Marine Policy, Principles of Marine Insurance, Importance of Marine Insurance, Prospects of Marine Insurance, Problems of Insurance Business in Nepal. Goods in Transit Insurance.
It is a power point presentation for fire insurance. It is mostly applicable for Iran's insurance industry but it also covers fire insurance for worldwide purposes.
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Marine Insurance, Perils in Marine Insurance, Types of Marine Policy, Principles of Marine Insurance, Importance of Marine Insurance, Prospects of Marine Insurance, Problems of Insurance Business in Nepal. Goods in Transit Insurance.
It is a power point presentation for fire insurance. It is mostly applicable for Iran's insurance industry but it also covers fire insurance for worldwide purposes.
In conclusion, understanding the various types of marine insurance is essential for all stakeholders in the maritime industry. By navigating the depths of marine insurance, we can mitigate risks and ensure the smooth operation of maritime activities.
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
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2. 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. Having the right kind of insurance is a
critical component of any good financial plan. While most
of us own insurance, many of us don't understand what it
is or how it works.
3. 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
4. Marine Insurance is not of recent origin. Its existence can be traced
back to several centuries. Questions concerning it have naturally
been coming up for a number of years and the law concerning it
had taken a definite shape much prior to 1906 when the English
Marine Insurance Act was passed with a view to codify that law.
Contrary to popular belief, Lloyds‟ of London was not the first
group of people to offer insurance for maritime commerce. The
first form of marine insurance dates back to the year 3000 BC
when Chinese merchants dispersed their shipments amongst
several vessels so as to abridge the possibility of damage to the
product(s).
5. Since independence Indian shipping had undergone a
considerable expansion, and it became mandatory for an
Indian legislation consistent with Indian conditions, for the
smooth development of Indian marine insurance.
But, as in the case of its English counterpart, the Indian Act
embodies only some and not all of the legal principles and
rules of marine insurance, and its language is so extremely
concise and general that its full import and meaning can
scarcely be understood without referring to the existing law
which it was intended to express or to the decided cases
from which that law was evolved.
In India the law of marine insurance has been put in a
statutory form since 1963.
7. Hull and machinery insurance
is to protect the ship owner‟s
investment in the ship. It is
basically a property insurance
which covers the ship itself,
the machinery and equipment.
Furthermore, the insurance
covers some liabilities,
normally collision liability with
another ship and sometimes
also liability for colliding with
other objects than another
ship.
8. Total loss of the ship
Damage to the ship, engines and equipment
Explosions and fire
Groundings – damage to the ship, salvage of the
ship and possible contribution in general
average
Collisions – damage sustained to the ship and
sometimes also liability towards the other ship.
Striking other objects – damage inflicted to own
ship and sometimes also liability towards the
owners of the other object.
9. Cargo insurance (also called marine cargo
insurance) covers physical damage to, or
loss of your goods while in transit by land,
sea and air and offers considerable
opportunities and cost advantages if
managed correctly.
10. Open Cover
This is the most usual type of cargo insurance, where a
policy is drawn up to cover a number of consignments. The
policy can be either for a specific value that requires
renewal once the insured amount is exhausted or an
permanently open policy that will be drawn up for an
agreed period, allowing any number of shipments during
this time.
Specific (Voyage) Policy
Although not the norm for cargo insurance, you may from
time to time need to approach an insurance company (or
broker, or other intermediary) to request an insurance
policy for a particular consignment. This is usually referred
to as Voyage Policy as the insurance covers only that
specific shipment.
11. As an exporter you may often sell goods on terms
where your customer (as the importer) is responsible for
insuring (or at least bearing the risk of damage of or
loss to) the goods, for example under FOB and CFR
Incoterms 2000. In these cases you are exposed to the
risk of damage to the goods while in transit and your
customer refusing to accept them. In the worse case
your customer may not have insured the goods.
Contingency insurance
12. THE „CARGO‟ TRANSPORTED BY SEA IS SUBJECT TO
MANIFOLD RISKS SUCH AS:
_LOSS OR DAMAGE AT THE PORT AND
_ LOSS OR DAMAGE DURING THE VOYAGE.
- MARINE CARGO INSURANCE‟ PROVIDES THE
INSURANCE COVER IN RESPECT OF:LOSS OF OR
DAMAGE TO CARGO
13. There are many different things that can potential happen
during shipment of cargo and container on a ship. The
loading cranes could damage the containers, theft and
piracy, weather damage, as well as potentially losing the
cargo overboard or other marine disasters. All of these
possible issues are exactly why you need marine cargo
insurance. Your goods need to be protected, and if you are
a company transporting goods this way, then you need to
protect your company from these potential issues of loss.
14. Protection and Indemnity insurance, or “P&I” as it is
usually called, is a ship owner's insurance cover for legal
liabilities to third parties. “Third parties” are any person,
apart from the ship-owner himself, who may have a legal
or contractual claim against the ship. P&I insurance is
usually arranged by entering the ship in a mutual
insurance association, usually referred to as a “club”. Ship-
owners are members of such clubs. Legal liability is
decided in accordance with the laws of the country where
an accident takes place. The P&I insurance cover for
contractual liability is agreed at the time the owner
requests insurance cover from the club and is usually in
accordance with the owner‟s responsibility under crew
contracts or special terms relating to the trading pattern of
the vessel.
15. Other risks covered include liability for stowaways, liability
for oil pollution and other types of pollution and legal
liability for wreck removal if the ship sinks and is blocking
free navigation for other vessels. In short, P&I insurance is
a very comprehensive type of insurance cover which makes
it easier for a ship owner or charterer to trade in
international shipping transportation. P&I is as important
to a prudent ship owner as his Hull and Machinery
insurance cover.
16. P&I insurance also covers the owner‟s liability for loss
of crew belongings in cases of shipwreck or fire on
board. The cover only applies to items which are
deemed to be reasonable for any crew member to
have with him on board. A crew member travelling
with unusually expensive items, such as laptop
computers, gold watches etc should make sure that
he has such items separately insured.