Eritrea Finance

Apr 30 2018

PPT – MARINE INSURANCE PowerPoint presentation

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MARINE INSURANCE – PowerPoint PPT Presentation

Transcript and Presenter’s Notes

1
MARINE INSURANCE

  • Lecture 15
  • Week 8

2
DEVELOPMENT

  • One of the earliest forms of insurance
  • Developed out of bottomry and respondentia bonds
  • Standard forms used by Lloyds
  • Marine Insurance Act 1906
  • Often includes aviation insurance
  • Different terminology

3
TYPES OF COVER

  • Hull
  • Cargo
  • Freight
  • Voyage
  • Collision

4
TYPES OF VESSELS COVERED

  • Dinghies
  • Yachts
  • Cargo vessels
  • Liners
  • Super tankers
  • Oil rigs
  • Fishing vessels

5
BASIC COVER

  • Perils of the sea and other navigable waters
  • Restraint of princes
  • Piracy
  • All risks

6
FURTHER COVER

  • Pollution Hazard
  • War and strikes clause
  • Bursting boilers or breaking shafts
  • accident or negligence of a third party

7
IMPLIED WARRANTIES

  • Seaworthiness
  • Damaged bottom
  • Insufficient crew
  • Legality
  • Marine Insurance Act 1906

8
PARTICULAR AVERAGE

  • This means a partial loss
  • Covers loss caused by
  • Perils of the sea rivers lakes or other navigable
    waters
  • fire, explosion
  • violent theft
  • jettison
  • piracy

9
MEASURE OF INDEMNITY

  • s.69 Marine Insurance Act 1906
  • Where ship has been repaired the reasonable cost
    of repairs less the customary deductions but not
    exceeding sum insured
  • Where partially repaired cost of repairs plus
    reasonable depreciation subject to not exceeding
    cost of complete repair
  • Not repaired – the reasonable depreciation

10
EXAMPLES OF ADJUSTMENTS

  • Bottom end bearing fractured in generator as a
    result of latent defect led to damage to liner.
  • Cost
  • Bearing 5000
  • Liner 4000
  • Cylinder 3000
  • Piston 6000
  • Total 18000

11
ADJUSTMENT

  • Excess 2000
  • Standard policy would exclude replacing defective
    part
  • Thus total amount payable is 11000
  • 18000 – 5000 (bearing) – 2000 (Excess)
  • Additional perils clause would have covered
    bearing

12
TOTAL LOSS CLAIMS (SHIP)

  • Institute time clauses
  • Hulls total loss only including salvage, salvage
    charges and sue and labour
  • Hull total loss, general average and 3/4ths
    collision including salvage etc
  • Hulls disbursements

13
TYPES OF TOTAL LOSS

  • Constructive total loss
  • Deprived of ship by insured peril
  • Recovery would exceed value
  • or repair exceeds value
  • Abandonment
  • Insured entitled to abandon loss when
    constructive total loss
  • Consequence is that if insured accepts notice of
    abandonment subject to assets and liabilities.
    May not accept abandonment

14
SUE AND LABOUR CLAUSES

  • Covers expenses reasonably incurred by insured to
    save vessel and cargo
  • Paid in excess of sum insured.

15
COLLISION LIABILITY

  • Covers three quarters of the cost of liability
  • Rest paid by Protection and Indemnity
    associations
  • It is a liability policy

16
CARGO

  • Same risks and same methods
  • General average clause
  • Losses arising for the preservation of ship and
    cargo
  • Salvage loss
  • Follows forced sale of badly damaged cargo

17
CARGO PARTIAL LOSS

  • Where goods delivered damage measure of indemnity
    is
  • Proportion of sum fixed by policy
  • equal to the gross sound value less damaged value
    at place of delivery
  • Example
  • Goods insured at 120,000 Damaged value
    80,000 Sound value 100,000
  • Depreciation or proportion is 20
  • Apply this to 120,000 gives 24,000

18
FREIGHT

  • Profit made by a shipowners out of ships used to
    carry cargo, both their own and others
  • The cargo includes all moveables
  • Loss occurs when cargo is not deliverable

19
FREIGHT LOSS

  • Valued and unvalued policies
  • Indemnity is the proportion of freight lost to
    freight at risk applied to insured
  • This could be subject to Measure of indemnity
    clause which limits freight to amount actually
    lost.

20
THE END ANY QUESTIONS

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