Marine insurance covers losses sustained by goods due to exposure to insured perils during transport or shipment.
Types of marine insurance:
1- Cargo insurance:
includes goods transported by sea or air. Cargo insurance is divided into three types, namely (A, B, C Clause), or what is known as conditions A, B, and C. The three conditions agree to cover:
fire and explosion, deviation, collision, seizure, overturning, derailment of the means of transport, collision, unloading of goods In the port of asylum, general loss. Condition (A) exceeds conditions B and C in a number of coverages. Therefore, condition (A) is defined as comprehensive, but there are general exceptions, which are:
negligence, intentional error, damage and natural wear and tear, lack of weight, insufficient packaging, Self-defect resulting from the nature of the goods, delay.
2- Domestic transportation insurance:
covers goods transported by land, railways, rivers and lakes, and covers damage or loss resulting from fire, overturning of the means of transport, derailment of railway vehicles from their rails, or sinking of the means of river transport
. Damages resulting from delay, shipment of goods with flammable and explosive materials, damage due to rainwater, theft, failure and non-delivery, seizure and confiscation, fraud and negligence, war of all kinds. It is required that it be a valid and properly loaded vehicle, and that its load does not exceed the specified amount legally authorized.
3- Ship and boat hull insurance:
covers automatic breakdown of machinery, collision, piracy, marine rescue, burglary, and fire. There are also protection and compensation clubs established by shipowners that cover risks not covered by marine insurance with insurance companies, such as personal accidents, passengers’ and captain’s luggage, and liability. Damage to berths and barriers in ports and pollution resulting from the leakage of materials from ships.
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(2) One voyage insurance policy (single)
A separate policy shall be issued for each trip; it covers only one trip, and the work ends as soon as the goods arrive into the insured warehouses and stores, as specified by the insurance policy.
(3) Floating policy
The insurance sum shall represent the value of all goods involved in the deal or goods desired to be covered by insurance.
The sum insured could be paid at once or in regular installments. The insured shall notify the company once he is aware of shipping.
In case of occurrence of an accident and it turned out that the insured was aware of shipping and he did not notify the company before shipping, the insured shall not deserve any compensation unless he proves good faith.
The company has the right to cancel the coverage granted at any time by giving the insured (30) days notice for marine risks and forty-eight hours (48) notice for war and disorders risks.
The most important features of the policy are that; they are not restricted to a defined period of time, but expire at the end of transporting of goods.
The premium is fixed and associated with the insurance sum as specified in the insurance policy.
(4) Open policy
It is an agreement by which the company undertakes to insure all consignments including the scope of contracts; provided that, the insured shall notify the company of all trips after becoming aware of the same as specified in the floating policy.
It covers goods imported or exported by the insured that are included in the policy scope of work during a specific period, the policy is restricted to a certain period (mostly one year), the insurance sum depends on estimation and premium shall be paid at 75% of the estimated sum insurance, however,
The policy shall be subject to settlement at the end of insurance policy.
(5) Insurance policy for local road transport
It includes goods transported by rail, trucks and rivers transportations means.
(6) Carrier liability insurance
Scope:
This policy covers:
Damage or loss of goods while in their custody or under their responsibility.
Insurance of marine insurance policy:
(1) After opening a letter of credit with a bank, the insured and/ or the bank shall notify the insurance company of goods details, trip; insurance sum, type of coverage and any condition that may be required by the bank.
(2) The insured will complete an insurance proposal form with all required information.
(3) The insured shall furnish the company with the invoices, bill of lading, vessel’s name and other information.
(4) Then the policy will be issued and the insured shall make sure that the insurance policy matches with his desired coverage.
Compensation Procedures (in case of loss):
(1) The insured shall notify the insurance company (claim department) by telephone followed by a written notification of the damage of the insured goods, providing primary details of the damage that occurred.
(2) Required documents; the insured shall submit all original documents related to the accident insurance policy, commercial invoice, bill of lading, manifest in case of truck transport, packing list, customs declaration, certificate of origin, if the ship caused damage to the insurance goods, the insured or his representatives shall write a letter of protest to the vessel’s agent and/ or agent of airline or carrier and shall submit a police report in case of traffic accident and robbery, a report from Lloyd, however the insured shall assume the burden of proofing the damage with furnishing the company with any document evidencing the damage and indicating the responsible party.
(3) The company shall have the right to hiring of risk assessment expert to assess the damage in accordance with the directive and regulations issued by the insurance supervisory authority.
(4) The insured shall not assign its right to any party, nor shall he make any settlements without obtaining the company approval.
(5) The insured shall safe guard the salvage (goods harmed, or damage and dispose them of only after consulting the company.
Compensation procedures (in case of loss):
Types of coverages
They are of three types (A), (B) and (C), as follows:
(A): It covers total losses (actual and estimated), partial losses, and general average and is considered comprehensive coverage. Exclusions Policy (a) excludes losses, damages, losses and expenses attributable to mishandling of the insured property. Ordinary leakage, natural decrease in weight or size, normal wear or tear of the insured thing. The self-defect of the nature of the insured thing and the delay expenses. Expenses resulting from the insolvency or financial inability of the ship owners. Losses or damages resulting from the use of a war weapon in which fission, an atomic or nuclear explosion, or any other similar interaction is used. Invalidity of the boat, ship or any other means of transport This insurance also excludes war, civil war, revolution, rebellion, insurrection, armed robbery, civil conflicts or any hostile act. Seizing, seizing, arresting, stopping or preventing, with the exception of piracy. Danger of mines, torpedoes, bombs or other tools of war. Losses caused by the striking or sit-in workers who are prevented from entering the workplace.
(B): It covers total losses (actual and estimated) and covers the general average. It differs from condition (a) in not covering partial losses except in the following cases: Unloading, losses and damages arising from fire, explosion, collision, contact of the ship or the transporting unit with any external object (including ice), with the exception of water and unloading of goods at the relief port. Exceptions This policy excludes losses, damages, loss and expenses incurred by an intentional act of the insured, normal leakage, natural loss in weight or size, wear and tear, and expenses spent on insufficient packaging, including stowage in a container or truck, or self-defect and delay expenses, except for general average expenses, and expenses Resulting from the insolvency and financial inability of the ship’s owners and the damage resulting from a military refraction, atomic or nuclear fusion weapon, as well as the validity of the carrier unit. The document also excludes losses resulting from war, civil war, revolution, rebellion, armed insurrection or civil conflicts, and any hostile act of fighting force, seizure, seizure, suspension or prevention Sit-ins of workers and strikers, riots and strikes caused by civilians or a person working for political motives.
(C) It covers total losses (actual and estimated) as well as the general average. Partial losses covered under conditions (a) and (b) are not covered by condition (c). (c) Exceptions Contract, damage, damages or expenses attributable to intentional misconduct, normal leakage or natural loss in weight or size / natural wear and tear of the thing / expenses that are caused by packaging, preparation or stowage / also covering the self-defect or nature of the thing and expenses resulting from delay of the thing The insured against, except for the expenses due due to the common loss (general average), losses resulting from the use of any war weapon in which atomic or nuclear fission or fusion or radioactive material is used, the unfitness of the ship or boat for navigation, the truck or any other means of transport. ) Losses resulting from war, civil war, revolution, rebellion, armed insurrection, civil strife, or any hostile action by or against a belligerent force. This insurance does not cover strikes, riots, civil disobedience, workers’ sit-ins, terrorism, or any person who arrives with a political motive.In conclusion, we see that all policies (A, B, and C) cover the side of damage to the insured goods due to the insured in the common loss (general average) and salvage expenses, as well as the insured’s share of the liability and ship collisions, as in this case the owners of the goods or the owners of the ship bear the responsibility. Their shares, each according to the value of his interest. It is possible to add to the coverage included in the conditions of the policy A, B, and C the coverage of war risks according to the price determined by a competent committee that meets periodically to decide the adjustments in the prices and coverages of war insurance.
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The misconception about denouncing euphoria and glorifying pain has already arisen, and I will show you the details so that you can discover the truth and basis of that human happiness. No one rejects, hates, or avoids feeling happy, but thanks to this.
The misconception about denouncing euphoria and glorifying pain has already arisen, and I will show you the details so that you can discover the truth and basis of that human happiness. No one rejects, hates, or avoids feeling happy, but thanks to this.
The misconception about denouncing euphoria and glorifying pain has already arisen, and I will show you the details so that you can discover the truth and basis of that human happiness. No one rejects, hates, or avoids feeling happy, but thanks to this.
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