Page 34 - Ebook IC S01

Survey And Loss Assessment IC-S01

Apart from the salient features of offer and acceptance, consideration, lawful object

and legal capacity of the insured, insurable interest in Marine Insurance may not

exist at the time of taking the cover but must exist at the time of loss. Marine

Insurance can be broadly divided into two categories.

1) Cargo Insurance.

2) Hull Insurance.

Marine Cargo Insurance means insurance of

a) Export and import shipment, including sending by Air and Registered post,

b) Goods in transit by rail and/or Road, Air and post,

c) Coastal Shipment by steamers and

d) Shipment by smaller vessels in Indian waters or by country craft and Inland vessels

of different types.

Hull insurance means the insurance of the Hulls, Machinery, Materials and other

ancillary interests of ocean going vessels of all types and smaller Vessels, such as

fishing vessels/trawlers, dredgers, tugs, salvage vessels, launches,

ferry/steamers/boats Yatches and other pleasure crafts, dumb of self propelled

barges, lighter crafts, iron cargo boats and other country crafts.

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