A particular average clause refers to the particular loss or damage caused to cargo due to a particular peril. The person affected by the damage to the cargo bears the loss. Thus, in any situation, it is not possible to shift the burden of loss to others involved in the shipment. So, under the particular […]
What is Constructive Total Loss in Marine Cargo Insurance?
A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount. Since the repairing cost exceeds the replacement or market value so the insurer settles the entire claim. Insurance companies often […]
What is new Jason Clause in Marine Insurance Policies?
According to the marine insurance policies, the new Jason clause is included in most of the bills of ladings. To understand the meaning of the new Jason clause, it is important to understand how marine insurance works. What is marine insurance? A marine insurance policy is an agreement whereby the insurance company or the insurer […]
What is a constructive total loss in hull marine insurance policy?
A constructive total loss in the Hull Marine Insurance policy means that the cost of repair of a damaged ship/vessel is more than the value of the ship/vessel. In a constructive total loss, the insured vessel is abandoned as its actual total loss appears to be unavoidable. Retrieving the ship from the place where it […]
How Does the Sales Contract affect the Marine Transit Insurance Contract?
In the case of a marine transit insurance contract, the terms of the sales contract are what will affect and who will get compensated. The main parties to a sales contract are a seller and a buyer. Others associated with the sales contract are bankers, carriers, and clearing agents among others. It is the seller […]
Warranties in Marine Insurance
In marine insurance, a warranty is a promise or assurance given by the insured to the insurer regarding the condition or use of the insured property or vessel. A warranty outlines the insurer’s liability and determines if the insured can make a claim for vessel or cargo loss or damage. They play a crucial role […]
Know About All the Clauses in A Marine Insurance
A marine insurance policy works wonders by covering you and your consignment against a myriad of perils like fire, earthquake, lightning, washing overboard, etc. The policy comes loaded with various clauses in Marine insurance, some are listed below: 1. Institute Cargo Clause A The clause covers all the risks of loss or damages to goods. […]
What if the same goods are insured by multiple marine insurers?
A marine business can insure its goods with multiple marine insurers. However, the law dictates that you inform the second and consequent insurers about the previously taken insurance(s). Steps to take when insuring goods with multiple insurers A marine insurance buyer should inform secondary and consequent buyers about his earlier taken insurance policies. Even if […]
What is Marine Insurance?
Marine insurance covers the losses or damage caused to ships and terminals or to any mode of transport of cargo used to transfer, acquire, or hold goods between different points of origin and the final destination. The term may also apply to inland marine transit but usually using the context of ocean marine transportation. Marine […]
Does marine insurance cover storage at intermediate locations or the port or at the final destination?
Policyholders usually approach insurance companies to get storage cover at different storage locations when buying transit insurance policies. Some marine transit policyholders store their goods at transit sheds, port warehouses, and railway platforms. Marine insurance coverage A standard marine insurance policy covers goods during the “ordinary course of transit”. Post the discharge of goods, the […]