Marine Insurance Policy Conditions | Clauses of Marine Insurance | Marine Insurance | Dr. Sahil Roy

Marine Insurance Policy Conditions
Clauses of Marine Insurance
Marine Insurance
Dr. Sahil Roy
Assignment clause - Assigned freely to any person having insurable interest in subject matter for cargo. (not for hull).
Lost or not lost clause - insurer insures the subject matter irrespective of the fact that it has been already lost or not. This clause lost its importance due to the latest development of communication method.
Inchmaree clause - protects ship owner against the loss or damage caused by master & crew. It includes negligence of master, mariners, engineers, pilots etc, during loading & unloading etc.
At and from clause - Risk commences at a specified place and continued until the vessel has anchored reached destination.
Sue and labour clause - Insured and Insurer works for mitigation of loss. Expenses incurred for reconditioning at intermediary port.
6. Running down clause or collision clause - when one ship collide another ship, the underwriter aggress of ¾ liability of ship owner.
7. Touch and deviation clause - deviation no liability, only allowed if mentioned in policy, beyond the control of master or crew.
8. Reinsurance clause - normally as any other policy.
9. Touch and stay clause - Authorise ships at various ports wherever necessary for coal, unloading cargo, or some other purpose.
10. Name of the vessel - Name of the vessel & master is mentioned . In case of cargo vessel cannot be changed, it can only be changed after permission of underwriter.
11. Name of the master - necessary to fill and cant be change, everything depends upon him. It can only be changed when original master is sick or any other unavoidable circumstances.
12. Valuation clause - Value of subject matter insured and mentioned. (pre decided value).
13. Waiver clause - supplement of sue and labour clause. Insurer and insured take steps for mitigation of loss incur such expenses to reduce loss at the event of casualty.
14. Premium clause or consideration clause - insured pay the premium and insured will assign the policy.
15. Warehouse to warehouse clause/ Transit clause - Land + Sea + Land.
16. Memorandum clause - saves insurer from very small claim. No claim is paid for less then 3% loss on perishable goods or any other case 5%.
17. Continuation clause - vessel shall continue to be covered after voyage at a pro-rata premium.
HELLO DEAR FRIENDS !
Greetings of the day.
I am Sahil Roy and I welcome you to my TH-cam Channel Dr. Sahil Roy
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