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Essential Features of a Marine Insurance Contract

Marine insurance contract covers the loss or the damage of ships, cargo, terminal and any transport by which the property will transfer, acquired or held between the points of the origin and the final destination. The cargo insurance is the sub-branch of marine insurance, though this also includes the coastal and the offshore exposed property. For example container terminal, ports, oil platforms, pipelines, hull, marine casualty, and marine liability. When goods are transported by mail or by the courier, then shipping insurance is used. Any kind of insurance in marine contract is covered under the Marine Insurance Act, 1963.

What are the features of the Marine Insurance Contract?

These are the following features:

• Claims
• Deliberate act
• Period of marine insurance
• Contribution
• Insurable interest
• Good faith
• Contract of indemnity
• Payment of premium
• Offer and the acceptance

What are the advantages of the Marine Insurance Contract?

The advantages are as follows:

• It provides full coverage against a wide range of variety of risks faced at sea for a marine cargo insurance broker.
• Most of the marine insurances provide options and plans for marine plan book.
• The different marine insurance provides the claim.
• Marine insurance covers the needs and budgets of their customers.
• It also provides the policies to provide the extensions against any damages due to the riots, strikes and the other perils.

What are the basic requirements in the Marine Insurance Contract?

Specifications are as follows:

• The subject matter and risk
• The voyage and the period covered under the insurance
• The name of the assured
• The sums
• Name of the insurers

What are the types of Marine Insurance Contract?

The four types as follows:

• Hull Insurance: In this, it includes the protection of ocean-going steamers and the other vessels. “Hull” refers to the body or the frame of the ships.
• Cargo Insurance: The cargo insurance covers the cargo or the goods contains in the ships and personal belongings of the crew and the passengers for a term insurance policy.
• Liability Insurance: In this, the insurer undertakes the indemnity against the loss which is insured for an online insurance policy.
• Freight Insurance: Freight insurance protects against the loss of the freight. In many of the cases, the owner of the goods is bound to pay the cargo under the terms of the contract for travel insurance plans.

What Marine Insurance Contract covers?

It covers the following issues:

• Sounds being transportation by the coastal vessels between different ports inside the country
• Products which are transport via boats along the rivers
• Import and the export shipments
• Goods that  transport at the sea, rail, air, road or any post

What are the facts of the Marine Insurance Contract?

The facts of this kind of contract are:

• Protection your goods in transit of single or multiple journeys
• It covers the cost of emergency storage
• Covers the goods discharge at a distress port
• Can also be bought by the financiers of the goods
• Can be purchased and managed online
• Carriers are not responsible for damaged goods
• Transporting goods across the worlds is safer than ever, but accidents do occurs
• Worldwide coverage
• A marine policy is for every type of goods transport
• It also available for the cargo ships

What is the principal of Marine Insurance?

 The principle you must know:

• Law of good faith
• The policy of insurable interest
• Principle of subrogation
• Principle of indemnity

Who owns Marine Insurance?

Following persons are deemed to have the insurable interest:

• The master of the crew
• A trustee
• Mortgagor
• Insured person
• The owner of the ship
• The owner of the cargo
• A creditor

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What are the specialist policies under Marine Insurance?

Various are the specialist policies including:

• New building risk
• Open cargo
• War risks
• Increased value
• Overdue coverage
• Cargo insurance
• Shipper’s interest insurance
• Yacht insurance

What is the process of Marine Insurance?

The process is as follows:

• First Step: You must either contact a representative or the nearest branch of your insurance provider for an online insurance policy.
• Second Step: If the damage has occurred to the goods while they are on the ships or port, you must arrange for a port or the joint ship survey for boat insurance coverage.
• Third Step: You must submit the policy documents or the certificate which had previously is an issue to you at the time of taking the policy. You also need to provide the original invoice and the other documents which may be required to authenticate your claim for a transport insurance policy.

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Conclusion

A marine insurance contract is a mechanism that supports to mitigate risks of the financial loss to the property such as ships, goods or the other movable maritime transport on the payment of the premium by the assured to the insurer for an easy insurance quote. The insurer provides the risk that covers the ship owners or the cargo owners against the loss or the damage that the ship or the cargo may suffer. However, the fact is that the different national regimes exist in the conduct of the marine insurance business.

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