First of all, you should know the meaning of marine insurance, the main types of marine insurance, importance or advantages of marine insurance, the risk covered by marine insurance and how marine insurance cost. there are several questions and answer which will helps you to get the general concept of marine insurance as shows below;
Q1.
Who Needs Marine Insurance?
A1. Anyone who
Imports, Exports or Moves Cargo from one place to another or who stands to lose
financially if the goods are damaged or lost
Q2.
Why Should Cargo be Insured?
A2. Because it
is only too easy for Cargo to be lost or damaged in transit, whether you own
the goods or have a financial interest in them. A loss could be Financially
Crippling
Q3.
What are the types of covers
available?
A3 There are
three internationally recognized Clauses under which cover can be granted.
These clauses are known as “Institute Cargo Clauses”
Q4.
What risks are covered under
Institute Cargo Clauses (A)?
A4. This is
the widest possible cover, which covers all risks of loss or damage to the
subject matter (Cargo) except a few standard Exclusions.
Q5.
What risks are covered under
Institute Cargo Clauses (C)?
A5. This is
the most restricted clause and covers only loss or damage reasonably
attributable to:
•
Fire
•
Explosion
•
Vessel
being stranded or sunk
•
Overturning or derailment of the land conveyance
•
Collision of the vessel
•
Discharge
of cargo at port of distress
•
General
Average Sacrifice
• Jettison
Q6. What
risks are covered under Institute Cargo Clauses (B)?
A6. This Cover
is similar to “C” Clause, but in addition covers :
• Earthquake, volcanic eruption or lightning
•
Washing overboard.
•
Entry of sea, lake or river water into vessel, craft hold
conveyance, container, lift van or place of storage.
•
Total loss of any package lost overboard or dropped whilst
loading/unloading from vessels.
N.B: you have any Idea about ''INSTITUTE CARGO CLAUSES A, B, and C''? if you do not stay there.
thank you. by Frank Kamina.
No comments:
Post a Comment