Basic Marine Cargo Insurance Presentation
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MARINE CARGO INSURANCE MARINE CARGO INSURANCE Pieter Venter TRIDENT ADVANTAGE CC Pieter Venter TRIDENT ADVANTAGE CC
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Transcript of Basic Marine Cargo Insurance Presentation
PowerPoint Presentation
MARINE CARGO INSURANCEPieter VenterTRIDENT ADVANTAGE CC
1AGENDA
2WHY INSURE?BASIC PRINCIPLES OF INSURANCETYPES OF MARINE CARGO POLICIESTYPES OF MARINE CARGO COVERSMAIN MARINE CARGO CLAUSESEXPLANATION OF MAIN CARGO CLAUSESWHEN A CLAIM OCCURSLETTERS OF CREDITAGENDA
3PARTIAL LOSS (Particular Average)TOTAL LOSSGENERAL AVERAGE WHY INSURE?
PARTIAL LOSS (Particular Average)TOTAL LOSSGENERAL AVERAGE
4INSURABLE INTERESTUTMOST GOOD FAITH INDEMNITY RISKSUBROGATIONPROXIMATE CAUSESUE AND LABOURBASIC PRINCIPLES OF MARINE INSURANCE
5THERE ARE 3 BASIC TYPES OF MARINE POLICIES
FACULTATIVE POLICY (ALSO KNOWN AS "ONE-OFF")OPEN POLICY (DECLARATION BASIS)ANNUAL / BI-ANNUAL / QUARTERLY
CERTIFICATE OF INSURANCE ONLY EVIDENCE OF ABOVETYPES OF CARGO POLICIES
6BASIC CARGO INSURANCESTORAGE COVERSTOCK THROUGHPUT INSURANCECONSEQUENTIAL LOSS INSURANCE (loss of profit / loss of contract)TRADE DISRUPTION INSURANCE (business unable to operate normally)SHIPPERS LIABILITIES (dangerous cargoes)TYPES OF MARINE CARGO COVERS
7THE MAIN CARGO CLAUSES ARE:
Institute Cargo Clauses which consist of:Institute Cargo Clauses (A) / AirInstitute Cargo Clauses (B)Institute Cargo Clauses (C)Institute War ClausesInstitute Strikes ClausesMAIN MARINE CARGO CLAUSES
8INSTITUTE CARGO CLAUSES "C
Cover loss of or damage to the subject matter insured, reasonably attributable to:
Fire or explosion; Vessel of craft being stranded, grounded, sunk or capsized; Overturning or derailment of land conveyance; Collision or contact of vessel, craft or conveyance with any external object other than water; Discharge of cargo at a port of distress;
or caused by:
General average sacrifice; Jettison.(C) CLAUSES
9INSTITUTE CARGO CLAUSES "B
Similar to "C" clauses, but offers additional cover reasonably attributable to:
Earthquake, volcanic eruption or lightening;
or caused by:
Washing overboard. Entry of sea, lake or river water into the vessel, craft, hold, conveyance, container, liftvan or place of storage. Total loss of any package lost overboard or dripped while loading on to or unloading from vessel or craft.(B) CLAUSES
10INSTITUTE CARGO CLAUSES "A / AIR
Cover against all risks of loss physical* or damage to the subject matter insured. Words all risks mean fortuitous loss*, except as specifically excluded:
Willful misconduct of the assured; Ordinary leakage, ordinary losses in weight or volume or ordinary wear and tear; Insufficient or unsuitability of packing or preparation of the subject matter insured; Inherent vice or nature of the subject matter insured; Delay; Insolvency or financial default of carrier; Deliberate damage or destruction; Loss arising from nuclear weapons.(A) / AIR CLAUSES
11INSTITUTE WAR CLAUSES CARGO
Cover loss of or damage to the subject matter insured, caused by:
war civil war revolution rebellion insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power; capture seizure arrest restraint or detainment, arising from risks covered under 1.1 above, and the consequences thereof or any attempt thereat; derelict mines torpedoes bombs or other derelict weapons of war.
INSTITUTE STRIKES CLAUSES CARGO
Strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions; any terrorist or any person acting from a political motive average sacrifice.WAR / STRIKES CLAUSES
12DO NOT GIVE CLEAN RECEIPTS !!!!ADVISE BROKER / INSURER IMMEDIATELYACT AS THOUGH UNINSUREDMITIGATE LOSSKEEP CONTAINER SEALS / TAKE PHOTOGRAPHSPLACE 3RD PARTIES ON NOTICEENSURE ONLY APPROVED REPAIRERS ARE USEDCAN NOT ABANDON WITHOUT INSURER AGREEMENTWHEN A CLAIM OCCURS
13NEGOTIATE REASONABLE CONTRACT OF SALEENSURE CORRECT TERMS OF SALE APPLY (INCOTERMS)PROVODE COPY OF LC TO BROKER / INSURERPROVISIONS MUST BE STRICTLY COMPLIED WITHWILL MORE THAN LIKELY NOT MATCH POLICYCOPY BLANK ENDORSEDLETTERS OF CREDIT
14UNDERSTAND YOUR INSURANCE NEEDSENSURE YOU HAVE THE CORRECT COVERREAD YOU POLICYEMPLOY A SPECIALIST MARINE BROKERINSURANCE DOES NOT REPLACE COMMON KNOWLEDGEWHEN IN DOUBT, ACT AS THOUGH UNINSUREDIN CONCLUSION
15If you have any questions, please contact TRIDENT ADVANTAGE CC at:-
P O Box 7255, Roggebaai, 80122nd Floor, Aon House 109 Hertzog Boulevard Cape Town, 8001T : +27 (0) 21802 3333F : +27 (0) 86659 4310 E : [email protected] : www.3dent.co.za
THANK YOU
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