What is Running Down Clause in Marine Insurance?

Running clause or 3/4th collision liability clause in marine insurance offers a shipowner with some kind of coverage which is necessary in case of third-party liability in the event of a collision. It is a clause within marine insurance policy which offers legal coverage if the insured vessel collides with another vessel. If the insured […]

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What are the Various Kinds of Marine Losses?

It is possible to divide marine losses under the following head- Total Loss= It can be further segmented into the below categories: Actual Total Loss- It happens when- Goods are completely damaged Goods are damaged beyond repairing Policyholder is deprived of the insured subject Ship is missing, and there is no trace of it In […]

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What are the Perils of the Sea in Marine Insurance?

Here, perils of the sea in marine insurance include extraordinary forces of nature which maritime ventures might need to face during the voyage. Broadly speaking, ‘peril of the sea’ is defined to cover everything that happens to ship during the voyage by the Acts of God. It means perils of the sea include those accidents […]

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What is Deviation Clause in Marine Insurance?

Deviation in marine insurance happens when the ship intentionally changes its route or remains in port without cause, here, the new route or delay of the ship would be called deviation. Unless the marine insurance states otherwise, there is a breach of the insurance contract by the party which is responsible for the deviation. As […]

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What is the Scope of Marine Insurance?

A marine insurance policy plays an imperative role by covering you against various losses or damages which may arise due to different kinds of perils like- Man-made calamities like theft, piracy, etc. Natural calamities like earthquake, cyclone, lightning, etc. In various cases, a marine insurance policy also covers expenses, like forwarding costs, reconditioning costs, survey […]

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What are the Special Characteristics of Marine Insurance?

A marine insurance plays an imperative role by covering you against loss or damage of cargo, ships and through any other transport, including inland transit. The insurance policy comes loaded with the following special characteristics= It is available both at ‘agreed value’ and ‘market value’= At the time of buying marine hull insurance, the insurer […]

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What is Specific Voyage Policy?

As the name itself says, a specific voyage insurance policy covers a specific single transit only. It offers coverage to goods, freights and other interests against various losses or damages, like fire, collision, earthquake, lightning, etc.; when these goods are being transported by rail, road and/or air. Specific voyage insurance policy will not pay anything […]

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