Marine Terms Presentation

8/9/2019 Marine Terms Presentation

http://slidepdf.com/reader/full/marine-terms-presentation 1/9

11

Some Common Terms inSome Common Terms in

Marine InsuranceMarine Insurance



22

MARITIME PERILS -The perils which is a result of or incidental to navigation, including perils of theseas, fire, war perils, acts of pirates or thieves,captures, jettisons, barratry and all other perils of thesame kind or any peril mentioned in the policy.

Barratry :Barratry : Wrongful act committed willfully by theWrongful act committed willfully by theMaster and/or crew against the ship owner Master and/or crew against the ship owner

Jettison :Jettison : Throwing of cargo from above board theThrowing of cargo from above board theship to save the vessel and/or other cargoship to save the vessel and/or other cargo



33

INVOICEINVOICE : Seller¶s bill for goods sold. It: Seller¶s bill for goods sold. It

specifies the details of goods, price &specifies the details of goods, price &

various chargesvarious charges

B / LADINGB / LADING : A receipt given by the ship: A receipt given by the shipmaster confirming receipt of goodsmaster confirming receipt of goods

Tramp Vessels :Tramp Vessels : do not follow a fixeddo not follow a fixed

schedule but carry cargo whenever &schedule but carry cargo whenever &wherever requiredwherever required



44

AssignmentAssignment :: Transfer of RightTransfer of Right Inherent ViceInherent Vice :: A property or quality of A property or quality of

Cargo that produces actionCargo that produces action--reaction resulting inreaction resulting in

damage to Cargo by its own action without thedamage to Cargo by its own action without the

assistance of an outside agencyassistance of an outside agency

R ecovery R ightsR ecovery R ights :: When Claim isWhen Claim is

admitted, Insurers get the right, originally belongingadmitted, Insurers get the right, originally belonging

to Insured, to recover a penal amount in lieu of to Insured, to recover a penal amount in lieu of

damages, from the Carrier damages, from the Carrier



55

General AverageGeneral Average :: When the entire ventureWhen the entire ventureis in danger, in order to save the Ship and Cargo,is in danger, in order to save the Ship and Cargo,

certain sacrifices are made. Such Losses arecertain sacrifices are made. Such Losses are

apportioned among the others. At the end, the voyageapportioned among the others. At the end, the voyage

must be successfulmust be successful

Goods R eceipt (GR) / R ailway R eceipt (RR):Goods R eceipt (GR) / R ailway R eceipt (RR):

Document like B/L issued by Transporters/ RailwaysDocument like B/L issued by Transporters/ Railways



66

Sue & Labor Charges:Sue & Labor Charges:

Any expenses incurred by the insured toAny expenses incurred by the insured tominimize the loss or damage payable under theminimize the loss or damage payable under the

policy, are reimbursed by insurers. Sue & Labour policy, are reimbursed by insurers. Sue & Labour

charges are payable even though suchcharges are payable even though such

efforts are not successfulefforts are not successful



77

Extra Charges:Extra Charges:

Under this expression comes survey fees, settlingUnder this expression comes survey fees, settlingagent¶s fees etc.agent¶s fees etc.

They are payable if the claim is admitted.They are payable if the claim is admitted.

Whenever a survey is arranged, the fees are paid byWhenever a survey is arranged, the fees are paid by

the claimant initially and are reimbursed when thethe claimant initially and are reimbursed when theclaim is paid.claim is paid.



88

UNDERWR ITING CONSIDER ATIONSUNDERWR ITING CONSIDER ATIONS

MAR INE CAR GOMAR INE CAR GO

1.1. Nature of Cargo Nature of Cargo

2.2. Chemical & Physical properties of the cargoChemical & Physical properties of the cargo

3.3. Packing Packing 4.4. Mode of Transport Mode of Transport

5.5. VoyageVoyage

6.6. Scope of Cover Required Scope of Cover Required

7.7. Value of CargoValue of Cargo

8.8. Past loss Experience Past loss Experience



99

UNDERWR ITING CONSIDER ATIONSUNDERWR ITING CONSIDER ATIONS

MAR INE HULLMAR INE HULL

Type of vessel

Construction (steel, wood etc)

Age of the vessel & dimensions

Gross Registered Tonnage

Number of Engines

Area of operation (in the port, along the coast of thecountry etc)

Purpose (goods carrier, fishing etc)

Valuation of the vessel

Marine Terms Presentation

Documents

Transcript of Marine Terms Presentation