{"id":15388,"date":"2019-04-12T18:56:17","date_gmt":"2019-04-12T13:26:17","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=15388"},"modified":"2019-07-02T11:58:49","modified_gmt":"2019-07-02T06:28:49","slug":"marine-insurance-contract%ef%bb%bf","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/marine-insurance-contract%ef%bb%bf\/","title":{"rendered":"Essential Features of a Marine Insurance Contract\ufeff"},"content":{"rendered":"<p>Marine insurance contract covers the loss or the damage of ships, cargo, terminal and any transport by which the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Property&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume,(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/property\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>property<\/a> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\nfeatures of the Marine Insurance Contract?<\/strong><\/h2>\n\n\n\n<p>These are the following features:<\/p>\n\n\n\n<ul><li>Claims<\/li><li>Deliberate act<\/li><li>Period of marine insurance<\/li><li>Contribution<\/li><li>Insurable interest<\/li><li>Good faith<\/li><li>Contract of indemnity<\/li><li>Payment of premium<\/li><li>Offer and the acceptance<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\nadvantages of the Marine Insurance Contract?<\/strong><\/h2>\n\n\n\n<p>The advantages are as follows:<\/p>\n\n\n\n<ul><li>It provides full coverage against a wide range of variety of risks faced at sea for a marine cargo insurance broker.<\/li><li>Most of the marine insurances provide options and plans for marine plan book.<\/li><li>The different marine insurance provides the claim.<\/li><li>Marine insurance covers the needs and budgets of their customers.<\/li><li>It also provides the policies to provide the extensions against any damages due to the riots, strikes and the other perils.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\nbasic requirements in the Marine Insurance Contract?<\/strong><\/h2>\n\n\n\n<p>Specifications are as follows:<\/p>\n\n\n\n<ul><li>The subject matter and risk<\/li><li>The voyage and the period covered under the insurance<\/li><li>The name of the assured<\/li><li>The sums<\/li><li>Name of the insurers<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\ntypes of Marine Insurance Contract?<\/strong><\/h2>\n\n\n\n<p>The four types as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"608\" height=\"356\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/Capture-5.jpg\" alt=\"\" class=\"wp-image-15390\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/Capture-5.jpg 608w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/Capture-5-300x176.jpg 300w\" sizes=\"(max-width: 608px) 100vw, 608px\"\/><\/figure>\n\n\n\n<ul><li><strong>Hull Insurance<\/strong>: In this,\nit includes the protection of ocean-going steamers and the other vessels.\n&ldquo;Hull&rdquo; refers to the body or the frame of the ships. <\/li><li><strong>Cargo Insurance<\/strong>: The cargo\ninsurance covers the cargo or the goods contains in the ships and personal\nbelongings of the crew and the passengers for a term insurance policy.<\/li><li><strong>Liability Insurance<\/strong>: In this,\nthe insurer undertakes the indemnity against the loss which is insured for an online\ninsurance policy.<\/li><li><strong>Freight Insurance<\/strong>: Freight\ninsurance protects against the loss of the freight. In many of the cases, the\nowner of the goods is bound to pay the cargo under the terms of the contract\nfor travel insurance plans.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Marine\nInsurance Contract covers?<\/strong><\/h2>\n\n\n\n<p>It covers the following issues:<\/p>\n\n\n\n<ul><li>Sounds being transportation by the coastal vessels between\ndifferent ports inside the country<\/li><li>Products which are transport via boats along the rivers<\/li><li>Import and the export shipments<\/li><li>Goods that&nbsp; transport at the\nsea, rail, air, road or any post<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\nfacts of the Marine Insurance Contract?<\/strong><\/h2>\n\n\n\n<p>The facts of this kind of contract are:<\/p>\n\n\n\n<ul><li>Protection your goods in transit of single or multiple journeys<\/li><li>It covers the cost of emergency storage<\/li><li>Covers the goods discharge at a distress port<\/li><li>Can also be bought by the financiers of the goods<\/li><li>Can be purchased and managed online<\/li><li>Carriers are not responsible for damaged goods<\/li><li>Transporting goods across the worlds is safer than ever, but accidents do occurs<\/li><li>Worldwide coverage<\/li><li>A marine policy is for every type of goods transport<\/li><li>It also available for the cargo ships<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the\nprincipal of Marine Insurance?<\/strong><\/h2>\n\n\n\n<p>&nbsp;The\nprinciple you must know:<\/p>\n\n\n\n<ul><li>Law of good faith<\/li><li>The policy of insurable interest<\/li><li>Principle of subrogation<\/li><li>Principle of indemnity<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who owns Marine Insurance?<\/strong><\/h2>\n\n\n\n<p>Following persons are deemed to have the\ninsurable interest:<\/p>\n\n\n\n<ul><li>The master of the crew<\/li><li>A trustee<\/li><li>Mortgagor<\/li><li>Insured person<\/li><li>The owner of the ship<\/li><li>The owner of the cargo<\/li><li>A creditor<\/li><\/ul>\n\n\n\n<p>In case you are looking for any of the\nqueries then visit on <a href=\"https:\/\/enterslice.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Enterslice<\/em><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the\nspecialist policies under Marine Insurance?<\/strong><\/h2>\n\n\n\n<p>Various are the specialist policies\nincluding:<\/p>\n\n\n\n<ul><li>New building risk<\/li><li>Open cargo<\/li><li>War risks<\/li><li>Increased value<\/li><li>Overdue coverage<\/li><li>Cargo insurance<\/li><li>Shipper&rsquo;s interest insurance<\/li><li>Yacht insurance<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the\nprocess of Marine Insurance?<\/strong><\/h2>\n\n\n\n<p>The process is as follows:<\/p>\n\n\n\n<ul><li><strong>First Step<\/strong>: You must\neither contact a representative or the nearest branch of your insurance\nprovider for an online insurance policy.<\/li><li><strong>Second Step<\/strong>: If the\ndamage has occurred to the goods while they are on the ships or port, you must\narrange for a port or the joint ship survey for boat insurance coverage.<\/li><li><strong>Third Step<\/strong>: You must\nsubmit the policy documents or the certificate which had previously is an issue\nto you at the time of taking the policy. You also need to provide the <a href=\"https:\/\/enterslice.com\/learning\/invoicing-gst-supply-goods\/\" target=\"_blank\" rel=\"noopener noreferrer\">original\ninvoice<\/a>\nand the other documents which may be required to authenticate your claim for a transport\ninsurance policy.<\/li><\/ul>\n\n\n\n<p>Are you looking for <a rel=\"noreferrer noopener\" aria-label=\"marine insurance (opens in a new tab)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Marine_insurance\" target=\"_blank\">marine insurances<\/a>? Then you may contact us at <a rel=\"noopener noreferrer\" href=\"https:\/\/enterslice.com\/about-us\" target=\"_blank\">Enterslice<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p><a href=\"http:\/\/agriexchange.apeda.gov.in\/Ready%20Reckoner\/Cargo_Insurance.aspx\">A\nmarine insurance contract<\/a> is a mechanism that supports to mitigate risks of the financial\nloss to the property such as ships, goods or the other movable maritime\ntransport on the payment of the premium by the assured to the insurer for an easy\ninsurance quote. The insurer provides the risk that covers the ship owners or\nthe cargo owners against the loss or the damage that the ship or the cargo may\nsuffer. However, the fact is that the different national regimes exist in the\nconduct of the marine insurance business.<\/p>\n\n\n\n<p>In case you are looking for more information,\nkindly contact at <a href=\"https:\/\/enterslice.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Enterslice<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":15696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2438,1931],"tags":[2528],"acf":{"service_id":"215"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Essential Features of a Marine Insurance Contract\ufeff by Enterslice<\/title>\n<meta name=\"description\" content=\"When goods are transported by mail or by the courier, then shipping insurance is used. 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