B Com Exam > B Com Videos > Principles of Insurance > Marine Insurance - General insurance product, Principles of Insurance
Marine Insurance - General insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Marine Insurance - General insurance product, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is marine insurance? |  |
Ans. Marine insurance is a type of general insurance product that provides coverage for ships, cargo, and other marine-related risks. It protects against potential losses or damages that may occur during marine transportation, including risks such as accidents, theft, natural disasters, and piracy.
| 2. What are the key principles of marine insurance? | |
Ans. The key principles of marine insurance include utmost good faith, insurable interest, indemnity, subrogation, and proximate cause. Utmost good faith refers to the duty of both the insurer and insured to disclose all relevant information honestly and accurately. Insurable interest means that the insured must have a financial interest in the property being insured. Indemnity ensures that the insured is compensated for the actual value of the loss or damage suffered. Subrogation allows the insurer to assume the rights of the insured after paying a claim. Proximate cause determines the cause of the loss and whether it is covered by the policy.
| 3. What are the types of marine insurance policies available? | |
Ans. There are various types of marine insurance policies available, including hull insurance, cargo insurance, freight insurance, and liability insurance. Hull insurance covers the ship itself against physical damage. Cargo insurance provides coverage for goods being transported by sea against potential loss or damage. Freight insurance protects the freight owner against financial losses resulting from the non-arrival or damage of cargo. Liability insurance covers legal liabilities arising from accidents or damages caused by the insured vessel.
| 4. What factors are considered when determining the premium for marine insurance? | |
Ans. The premium for marine insurance is determined based on several factors, including the type and value of the vessel or cargo being insured, the route and duration of the voyage, the past claims history of the insured, the deductible chosen, and the level of coverage required. Other factors such as the age and condition of the ship, the experience and qualifications of the crew, and the security measures in place may also be taken into consideration.
| 5. How does marine insurance differ from other types of insurance? | |
Ans. Marine insurance differs from other types of insurance in several ways. Firstly, it specifically covers risks associated with marine transportation, such as accidents at sea, piracy, and natural disasters. Secondly, it often involves international or cross-border transactions, requiring compliance with international maritime laws and regulations. Thirdly, marine insurance policies are typically tailored to meet the specific needs of the insured, taking into account factors such as the type of vessel, the nature of the cargo, and the voyage details. Lastly, marine insurance policies may include additional coverage options, such as war risk coverage or loss of hire insurance, which are not commonly found in other types of insurance.
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Nov 22, 2024 Last updated |
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