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Marine Insurance Navigating The Depths of Global Trade

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Marine Insurance Navigating The Depths of Global Trade

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kalad71836
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Marine Insurance Navigating the Depths of Global Trade

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Marine Insurance Navigating The Depths of Global Trade

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kalad71836

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WELCOME

TO OUR PRESENTATION ON

MARINE INSURANCE
Group Members
Mirinmoy Mondol
Id: 222108
Abdullah Al Hasib
Id: 222110
Abid Azizur Rahman
Id: 222112
Introduction To
Marine Insurance

Marine insurance is a financial safeguard that protects


against risks associated with maritime activities. It
covers ships, cargo, freight, and during transport over
water. This presentation liabilities will explore the
essential elements, policies, features, and processes that
make marine insurance a vital safeguard for maritime
enterprises.
Elements of Marine Insurance Contracts

Insurable Interest Premium


The consideration paid by the
The policyholder must have a financial
insured for the cover provided.
stake in the insured property or cargo.
Indemnity
The insurer agrees to compensate the
policyholder for covered losses up to
the policy limit.
Legal Compliance Utmost Good Faith
The contract must comply with marine Both parties must disclose all material
insurance laws, such as the Marine facts honestly and accurately.
Insurance Act of 1906 in the UK.
Elements of Marine Insurance Contracts

Subject Matter Risk Policy Period:

This includes the ship, cargo, freight, The policy should clearly state the The duration of the policy must be
or liability that is being insured. perils or risks covered, such as defined, often starting and ending
piracy, storms, or accidents. with a voyage or a fixed time frame.
Types of Marine Insurance
Policies
Voyage Policy Time Policy
• Covers risks for a specific • Provides coverage for a fixed
journey from one port to another period, usually up to a year.
• Ends when the voyage is • Suitable for frequent voyages or
completed. ongoing operations.

Mixed Policy Valued Policy


• Combines features of voyage and • The value of the insured subject
time policies. (ship, cargo, etc.) is pre-agreed.
• Covers a specific voyage within a • Makes claim settlements quicker
specified time frame. and easier.
Types of Marine Insurance
Policies
Unvalued Policy Floating Policy Hull Insurance
• The value is not fixed in advance • Covers multiple shipments • Covers the ship itself, including
but determined after a loss under a single policy. machinery and equipment.
occurs. • Details (e.g., value or route) • Essential for shipowners to
• Useful for uncertain or declared later as shipments protect their investment
fluctuating values. occur.

Cargo Insurance Freight Insurance Liability Insurance


• Specifically for goods • Protects the income earned from • Covers damages caused to third
transported by sea. transporting goods. parties, such as collisions or
• Protects against loss or damage • Compensates if the freight is lost cargo loss.
to cargo during transit. or delayed. • Helps in managing legal claims
and liabilities.
Features of Marine Insurance Policies
Covers Marine Perils

• Risks like fire, theft, collisions, etc.

Indemnity Contract

• Compensates for actual loss only.

Utmost Good Faith

• Both parties share all relevant info.

Flexibility

• Customizable for voyage or time needs.

Warranties

• Ensures ship seaworthiness and compliance.


Features of Marine Insurance Policies
Proximate Cause

• Loss must be directly due to covered peril.

Contribution

• Shared claim if multiple policies exist.

Subrogation

• Insurer recovers loss from third parties.

Assignment

• Transferable with insurer's consent.

Legal Framework

• Governed by marine insurance laws.


THANK YOU

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