Types of Marine Losses

Types of Marine Losses
MARINE LOSSES
MARINE PERILS
FIRE
WAR
PIRATES
THIEVES
JETTISION
BARRATRY
Thus the loss caused by ordinary action of winds and waves, ordinary wear and tear, inherent vice of the cargo, cannot be considered as perils of the sea.
The damage due to fire and smoke is included in fire perils and similarly the water used for extinguishing the fire may also result in damage of insured goods and therefore, comes under the category of fire peril.
Lightning damage is not covered as a loss by fire, but fire caused by lightning is recoverable.
JETTISON means voluntarily throwing away the cargo or any part of the vessel in the high seas in order to lighten the ship for the safety of the adventure.
BARRATRY is a wrongful act wilfully committed by the master or crew to detriment of the owner. Eg. Setting fire to ship, thefts, fraudulently setting fire to ship, cargo without the knowledge of owner.
TYPES OF MARINE LOSSES
TOTAL LOSS
Actual total loss
Constructive total loss
PARTIAL LOSS
Particular average
General average
CHARGES
Salvage charges
Particular charges
SETTLEMENT OF CLAIM UNDER MARINE INSURANCE
Notice of claim
The insurance policy
Bill of lading
Survey report
Assessment of loss
Payment of loss
Letter of subrogation
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