Page 13 - Insurance Times March 2017 Sample
P. 13
Cover Story
MARINE INSURANCE -
SALIENT FEATURES
FOR THE EXAMINEES
OF PROMOTIONAL
EXAMINATION, 2017
M arine insurance is the oldest form of to occur because of maritime perils, such as pirates who
insurance and plays a very important role
robbed on the high seas or bad sea weather spoiling the
goods or sinking of the ship due to perils of the sea.
both in internal and international market. It
is closely connected with important
commercial institutions like banking and shipping. Marine Abstract of the salient features of marine
insurance can be traced to London market which is actual insurance:
place of origin of Marine Insurance. The policies were 1. Marine Insurance is the oldest form of insurance that
simplified and streamlined in the London market and all the was found in practice in the world.
marine policies not only in India but anywhere in the world
have been adopted from London market. 2. Cargo policies are freely assignable.
3. In Marine Insurance insurable interest must exist at
Lloyds for Marine Insurance: The origins of insurance the time of loss.
business as practiced today, is traced to the Lloyd's Coffee 4. INCOTERMS - It indicate rights and obligation of buyers
House in London during 1779. Traders, who used to gather and sellers, to ascertain from which point the marine
there, would agree to share the losses to their goods being insurance will be required and to provide suitable cover
carried by ships, due to perils of the sea. Such losses used for the requirements of the clients.
5. Sum Insured under the policy - The S.I. of the policy
About the author shall not be more than CIF + 10% unless specifically
Anabil Bhattacharya declared and mentioned in the policy.
B.M.E. (Hons.), Jadavpur University 6. Recovery - against carriers, bailees and other third
F.I.I.I. (I.I.I., Mumbai), Chief Manager parties is mandatory.
Fire & Engineering Dept., Head Office
National Insurance Co. Ltd, Kolkata. 7. Agreed Value Policy -Marine policy is an Agreed Value
policy.
The Insurance Times, March 2017 13
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