The modern origins of marine insurance law in English law were in the law . Marine Insurance Act in India and guided by the various. 41). Document Generated: Changes to legislation: There are currently no known outstanding effects for the Marine Insurance Act (See end of. Act Info: Preamble1 - MARINE INSURANCE ACT, Section1 - Short title and commencement. Section2 - Definitions. Section3 - Marine insurance defined.
|Language:||English, Spanish, Hindi|
|ePub File Size:||21.78 MB|
|PDF File Size:||17.59 MB|
|Distribution:||Free* [*Regsitration Required]|
THE MARINE INSURANCE ACT, ______. ARRANGEMENT OF SECTIONS. ______. SECTIONS. 1. Short title and commencement. 2. Definitions. Full text containing the act, Marine Insurance Act, , with all the sections, schedules, short title, enactment date, and footnotes. The various provinces also have insurance statutes of general application which purport to apply to marine insurance. The B.C. statute is the Insurance Act.
Thowseaf Ahamed. Wali, A With Average: Marine insurance is an important component of international trade and commerce and subject to international regulations in every stage of operations. The report recommended two key aspects; first is to allow private players to enter into insurance sector and the second recommendation is to establish a regulatory authority for the insurance sector.
India stepped into insurance sector during the year ; the first Indian insurance company was Indian Mercantile Insurance Company Ltd in Bombay.
Rising Indian insurance companies have paved it the way for legislation and regulation of life insurance business known as Life Assurance Companies Act, IRDA, The financial loss incurred due to natural calamity and with other accidental, induced a need for non-life insurance more significant by many organizations and communities.
The result of financial loss incurred through accidents and natural calamity have made a huge scope for non-life insurance and ended in the act during It was during onwards, the Indian government started its reforms in the financial sector paying the way for liberalization to various insurance companies to catch up the opportunities. As the result of reform, Government of India set up an eight-member crew with a chairperson Mr.
The report recommended two key aspects; first is to allow private players to enter into insurance sector and the second recommendation is to establish a regulatory authority for the insurance sector. Subsequently, the recommendation was implemented.
Currently, the legislation regulating the insurance business in India is the insurance Act, , which was amended over decades, regulating life and general insurance. General insurance — includes; fire insurance, marine insurance, and miscellaneous insurance.
Marine Insurance Act is designed to cover hull, cargo and freight. The ILU clauses in marine Insurance have clearly defined on inception and termination of insurance cover and the perils insured against. Thiyagu, Marine Insurance which is also known as perils also includes an assurance to acquisition of money, passage money, commission, pecuniary benefit, security against advance, loans and profit.
These risk covers loss due to ordinary waves, stranding lightening, damage by sea water and collisions. Explosions caused by fire, loss due to direct fire or smoke or steam also the loss incurred due to the effort made to extinguish a fire is covered. This kind of insurance covers only the misconduct that can happen in ships such as theft, wrongful conversion, breach of trust with dishonest intent and international casting of vessels.
This the risk that covers to articles that are thrown away from the board to lighten the ship at the time of emergency. Assailing thieves: This refers to the forcible tanking or clandestine theft of mere pilferage.
Hull Insurance Hull Insurance policy pertains to the ship being in the hand of its builders. It is a most highly favorable policy as it gives assurance in every aspect excluding defects and destruction by war. The Hull insurance has a clause favorable against; i Fire and collision ii Loss due to machinery, accidents in loading and unloading cargos iii Consequence due to negligent navigation and iv Defects in vessels and accidents causing problems in defects.
Cargo Insurance Cargo insurance covers only the particular cargo and goods in the particular voyage. The cargo and the goods within which is transported from one destination to another through all such medium such as air, water, road or registered post can be proclaimed in the case of a loss against cargo insurance.
Freight Insurance Freight insurance provides protection to policyholder against freight money loss, which is caused due to unavoidable peril. In most of the case the goods owners can proclaim freight only on safe delivery of goods to the destination place, in such a case, if the ship got lost or the cargo within is damaged or stolen, the owner will incur freight loss. N order to protect from such a kind of loss freight insurance is proclaimed. Liability Insurance Liability insurance is one in which the insurer accepts to assure against the loss which the insured may suffer from liability to a third party caused by the collision of the ship and other similar hazards.
Marine Policies I.
Voyage Policy It is a policy in which the subject matter is insured for a particular voyage irrespective of the time involved in it Dr. Here the risk attaches only when the ship starts on the voyage. Time policy In this, the subject-matter is insured for a definite period of time, the policy covers all the risk from perils of the sea for a subject for the definite period of time.
It covers particular voyage over a specified period of time. Valued policy It is a policy in which the value f the subject matter is insured. Here the insurer and the insured will agree upon the value to be ensured based the risk and cost of the property. Open or un-valued policy It is the policy in which the value of the subject-matter insured is not specified. Subject to the value of the limit of the sum of the assured, it leaves the value of the loss to be subsequently ascertained.
Floating policy The policy only mentions the amount for which the insurance is taken out and leaves the other details to be defined in the subsequent declaration.
Builders risk policy This policy cover or one year or more than one year, its policy covers the risk of damage to the vessels from the time of construction to commence to until the trail is completed. Port risk policy The policy covers all the risk of vessels while it is standing at the port. Total Loss of Vessels Only: This is the minimal coverage package in marine insurance, which covers only the loss of cargo resulting from total loss of vessels.
Total Loss Only: This covers the total loss of insured cargo whether or not the total vessel is lost. Free of Particular or Average: This is in similar to General Average i.
A With Average: This covers risk against stranded, fire, collisions and sunk. Here the insurance company pays all the damage incurred fully. Wali, Type of coverage II. Characteristic of the commodity involved III.
Origin, destination, and voyage IV.
Carrier Used V. Transshipment if any VI. Effect of trade loss VII. Where a ship in course of building or the launch of a ship, or any adventure analogous to a marine adventure, is covered by a policy in the form of a marine policy, the provisions of this Act, in so far as applicable, shall apply thereto, but except as by this section provided, nothing in this Act shall alter or affect any rule of law applicable to any contract of insurance other than a contract of marine insurance as by this Act defined.
Provided that, where there is no possibility of salvage, a policy may be effected without benefit of salvage to the insurer. Where the assured assigns or otherwise parts with his interest in the subject-matter insured, he does not thereby transfer to the assignee his rights under the contract of insurance, unless there be an express or implied agreement with the assignee to that effect.
But the provisions of this section do not affect transmission of interest by operation of law.
Subject to any express provision or valuation in the policy, the insurable value of the subject-matter insured must be ascertained as follows: The insurable value, in the case of a steamship, includes also the machinery, boilers, and coals and engine stores if owned by the assured; in the case of a ship driven by power other than steam includes also the machinery and fuels and engine stores, if owned by the assured; and in the case of a ship engaged in a special trade, includes also the ordinary fittings requisite for that trade.
A voyage policy on goods is an insurance of the adventure, as well as an insurance on the goods themselves. A contract of marine insurance shall not be admitted in evidence unless it is embodied in a marine policy in accordance with this Act. The policy may be executed and issued either at the time when the contract is concluded, or afterwards. What are the conditions regarding designation and subject matter of the marine policy?
Sanday, 1 A. VIX, read along with I. A XI B , notwithstanding April 14, Pre-nuptial Agreement in India sounds like an alien concept.