Getting detailed info on will help you enjoy the best benefits of the policy. The plan is available with most of the leading insurance companies in India these days such as ICICI and others.
Health, travel, car, student and life insurance policies are not unheard of by most people in India these days. However, a marine insuranceis not a common term. In fact, most people might not be aware of the fact that a marine insuranceis available for them. What is marine insurance?
A marine insurance contract can be defined as an agreementbetween the insurance company and the buyer whereby the insurer accepts to guarantee the assured, in the manner and to the extent agreed, against losses incidental to a marine adventure.
Marine adventure indicates when aninsurable property is exposed to possible maritime hazards. These are actually dangers subsequent to sea navigation. The term ‘sea perils’ is used by the insurance companies only to accidents or emergencies of the sea. This will not include the regular action of the waves and winds.
Common maritime perils considered by insurance companies include the following listed below and a lot more as per the company rules and regulations:
• Fire
• War associated dangers
• Pirates attack
• Seizures
• Jettison
• A lot more
Four types of marine insurance are offered by insurance companies these days:
Cargo marine insurance
The plan includes the goods or cargo inside the ship. It also insures personal belongings of the all the crew and passengers.
Hull marine insurance
It effectively covers the vessel and associated equipment insurance.
This indicates that the policy will cover a lot of things includingmachinery, furniture, related fittings, fuel, tools etc. This is usually effected the ship owner.
Liability
This is the policy of the insurer that he undertakes to indemnify against various losses which the insured may suffer due to liability to a third party caused via ship collision and similar hazards.
Freight marine insurance
This plan will provide adequate protection against various losses of freight. In most of the cases, the owner of goods requires paying freight, under the contract terms only under the circumstances where the goods can be safely delivered at the destination port. In case, the ship loses its way or the cargo gets damaged or stolen, the shipping company will lose the freight. The freight insurance plan will offer protection against such risk.
In a marine insurance contract,the insured should have insurable interest in the subject material insured during the loss. It is not necessary for the insurable interest to be present at the time of buying a policy. The following individuals are deemed to get insurable interest:
• The ship owner
• Cargo owner
• A creditor with advanced money on the ship or cargo security
• The crew and master of the ship
• In case, the insurance subject matter is mortgaged, the mortgagor possesses insurable interest.
• A trustee holding property in trust
Remember! This is just a sample.
You can get a custom paper by one of our expert writers.
Get your custom essay
Helping students since 2015
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download
