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Insurance Laws and Practices Mahesh Kumar Sarva, Lovely Professional University

Notes Unit 9: Marine Insurance

CONTENTS
Objectives
Introduction

9.1 Elements of General Contract
9.1.1 Insurable interest
9.1.2 Indemnity

9.1.3 Utmost Good Faith
9.1.4 Subrogation
9.1.5 Contribution
9.1.6 Proximate Cause/Causa Proxima
9.2 Meaning and Definition of Marine Insurance

9.3 Kinds of Marine Insurance Policies
9.4 Clauses Incorporated in Marine Insurance
9.5 Marine Losses

9.5.1 Total Loss and its Types
9.5.2 Types of Partial Loss
9.6 Payment of Claims
9.6.1 For Import/Export Consignments
9.6.2 Inland Transit Claims (Rail/Road)

9.7 Summary
9.8 Keywords
9.9 Review Questions

9.10 Further Readings
Objectives

After studying this unit, you will be able to:
Discuss the elements of general contract
Explain the meaning and definition of marine insurance

Know the kinds of marine insurance policies
Describe the clauses incorporated in marine insurance
Explain the marine losses

Learn the payment of claims under marine insurance

154 LOVELY PROFESSIONAL UNIVERSITY