Page 18 - Marine Insurance IC67 EBOOK

Types of Marine Losses

TOTAL LOSS PARTIAL LOSS

ACTUAL TOTAL LOSS CONSTRUCTIVE TOTAL LOSS PARTICULAR AVERAGE GENERAL AVERAGE

PH: 033 4007 8428 / 2218 4184, Email: info@sashipublications.com 233    Sacrifice Expenditure

1. When destroyed e.g. 1. When Actual Total loss 1. Short Delivery 1. Jettison 1. Part of Refuge Expenses
burnt. Sunk (sec.57) appears to be unavoidable 2. Shortages 2. Burning 2. Warehousing charges
e.g. sinking ship. 3. Partial Total 3. Loading /unloading
2. When ceases to be 4. Loss & Packages Cargo 4. Additional fuel charges etc.
a thing of kind 2. When preventing Actual 5. Damages as fuel
insured i.e change Total Loss requires
of species e.g. expenditure exceeding its i) Repairable
cement converting saved value e.g. frustration ii) Depreciated
into stone due to of voyage. (both above-
contact of water. sec. 60) or
(sec. 57) percentage
iii) Sympathetic
3. When insured is iv) Sentimental
irretrievably deprived
of it e.g. gold in
sunken ship. (Sec.
58)

1. SYMPATHETIC OR TAINT DAM- 2. SENTIMENTAL DAMAGE 3. GENERAL AVERAGE
AGE When a cargo is damaged due Refers to the depreciation suffered by part of It is either a sacrifice or an
to proximity of an other cargo without a sound consignment for the reason that the expenditure, extraordinary in nature,
actually coming into its physical con- other part of the same consignment was in voluntarily and reasonably incurred in
tact, it is termed as sympathetic or Taint fact involved in an accident and the sound time of general peril for the common
damage. Where this damage takes portion suffers in value due to apprehended safety of maritime adventure.
place due to damage to the other cargo damage. This type of loss in NOT PAYABLE
by an insured peril, the claim is ad- because there is no real damage - it is only
missible, otherwise not. (sec-56) fear of damage.