Raman

INSURANCEINSURANCE

MARINE-INSURANCE

INSURANCE: A contract(policy) in which an individual or entity receives financial

protection or reimbursement againt losses from an insurance company.

• MARINE INSURANCE: It is a one of type of insurance, it cover the loss of or damage of ships,cargoships,cargo and any transport or cargo by which property is transferred,acquired or held between the point of origin and final destination.

HISTORY:

Oldest and most important form of insurance Origin for other insurance

In india marine insurance is regulated by 1) the indian marine insurance act,1963 2)which is based on the original marine insurance act, 1906 of U.K. It is believed to originated in england. In india,marine insurance has been in vogue for

several centures.

Principles of insurance

• Indemnity

• Insurable interest

• Utmost good faith

• Doctrine of proximate cause

Cargo ship

CLASSIFICATION

• HULL INSURANCE: Insurance of vessel and its equipments are included under hull insurance.

• CARGO INSURANCE : The cargo insurance of any description for example wares, merchandise,property,goods and so on.

• FREIGHT INSURANCE: Freight is to be payable for carriages of cargoes or if the vessel is chartered,the money to be paid for the use of the vessel.

• LIABILITY INSURANCE: The marine insurance policy may inclued liability hazards such as collision or running down.

IMPORTANT THINGS IN MARINE INSURANCE

• Involves large shipping companies that require protection.

• World biggest passenger-ship “ms-freedom of the seas”4300 passengers capacity inside.

• LLOYD’S-a corporate established in london,is the biggest centre for marine insurance in theworld. Is not a company but a society of individuals & corporate members with strict rules

TITANIC SHIP

• When the british ocean liner titanic which sank in 1912,during her maiden voyage was insured by “LLOYD’S who paid an insurance claim of one million US $.

REFERANCE:Aryasri

G.vidya sagarO.P.kanna

Guide:Harika