Chapter 10 Ocean Marine

Inchmaree Clause

"Additional perils clause" covers losses for a vessel caused by: Bursting boilers, breaking shafts, latent defects of machinery or the vessel. negligence of the master or crew members handling cargo.

Implied warranties

- A ship is seaworthy - The voyage was legal - The ships course will not deviate from the original scheduled. - The cargo is in good condition.

jettison

A covered peril involving the act of voluntarily throwing cargo or portions of a ship overboard to save the vessel from sinking or suffering other damage.

perils on the sea

Accidental causes of loss that are peculiar to the sea and other bodies of water. Fires.

Exclusions

Damage due to dampness, breakage, delay or loss of market

particular average loss

Each owner of a property bears his own loss individually.

Barratry

Illegal acts committed willfully by a ship's master or crew for the purpose of damaging the ship or cargo. This Ocean Marine peril includes hijacking, abandonment and embezzlement of the cargo.

Protection and Indemnity

In Ocean Marine insurance, a form of Liability insurance. Bodily injury for the crew members, damage to cargo through negligence, damage to property not caused by collision.

Sue and Labor Clause

In the event of a loss, the policyholder is permitted and obligated to take action to limit a loss.

freight insurance

The type of business income that covers the shipping profit. Protects the insured against the loss of shipping costs and can be written separately or included with hull or cargo insurance

Perils of the Sea

Unique perils to which property in transit by water is exposed. Includes unusual action of wind or waves, stranding, lightning, collision and sinking.

Running down clause

covers collision damage to another vessel. Does not cover docks or injury to passengers.

Hull insurance

covers the vessel and machinery if they get damaged. Wil include coverage for damage caused by standing, sinking, fire, and collision.

salvage awards

involved legally determined lien against the value of the property saved.

cargo insurance

is used to protect the actual cargo that is shipped. Insurance packages come with either coverage for certain damage or all risk

Ocean marine insurance

oldest form of insurance. Since 1769 lloyds of london. Designed to cover various hazard relateds related to the movement of goods

general average loss

the law of general average is a legal principle of maritime law according to which all parties in a sea venture proportionally share any losses resulting from voluntary sacrifice.