General insurance Marine Insurance

[Mataracy]

The cover provided under marine insurance is divided into four (i) Hull (ii) Cargo (iii) Freight (iv) Liability

(i) Hull
Hull is the physical aspect of the vessel/ship itself.
(ii) Cargo
Cago is connected with the items contained in the vessel or ship.
(iii) Freight
Freight is the remuneration for the use of the ship either for transporting cargo or passenger..
(iv) Liability
Liability may arise when there is collision between vessels or damage to cargo.

There are various types of marine policies

(a) Time policy
Under a time policy, the subject matter (Hull) is insured for a fixed period of time usually one year.

(b) Voyage Policy:
This provides cover for specific voyage (trips) and it is usually restricted to cargo.

(c) Building risk policy:
This is connected with the risks associated with the construction of the vessel and extends to the time the ship is laid or rested.

(d) Floating Policy:
Under this, individual shipments are not separately insured rather a blanket sum assured against which the value of shipments are to be deducted. The shipper must declare periodically the cargo shipped.

(e) Open Cover:
It is not a policy but rather an agreement between two parties (insurer and insured) that certain shipment will be automatically covered.

This are what Marine Insurance is all about. And your contributions is also welcome. What is your take about this?

 

[Augusta]

Yeah you have outlined almost all of them and I believe it is necessary to have this insurance in place when one has anything to do with the sea because the risk to me is a lot higher as anything can happen and when it does it can be devastating

 

[Mandy96]

I never knew there was any insurance policy for marine to be honest, it is starting to seem like this insurance of a thing covers every aspect of a human life and even beyond. I really appreciate the opportunity to know about this aspect of insurance named “Marine Insurance”, it’s really worth knowing about.