Page 293 - DMGT303_BANKING_AND_INSURANCE

Banking and Insurance Rupesh Roshan Singh, Lovely Professional University

Notes Unit 14: Marine and Motor Insurance

CONTENTS
Objectives
Introduction
14.1 Definition of Marine Insurance Business
14.2 Contents of a Marine Policy

14.3 Essential Elements or Principles of Marine Insurance
14.4 Kinds of Marine Insurance Policies
14.5 Motor Insurance/Vehicle Insurance/Auto Insurance/Car Insurance
14.6 Medical Insurance/Health Insurance/Mediclaim
14.7 Health Insurance Schemes (in India)
14.8 Payment Obligations
14.9 Personal Accident/Disability Income Insurance

14.10 Catastrophe Insurance
14.11 Summary
14.12 Keywords
14.13 Review Questions
14.14 Further Readings

Objectives

After studying this unit, you should be able to:

Define the concept of marine insurance business and types of risks covered by marine
policy.
Explain contents and principles of marine insurance policy.
Define double insurance and reinsurance and clauses incorporated in a marine insurance
policy.
Know how to calculate rates of premium.
Define meaning and types of marine losses, total losses and partial losses.
Understand a detailed discussion on York-Antwerp Rules.
Understand what are marine claims?
Introduction

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or
cargo by which property is transferred, acquired, or held between the points of origin and final
destination.
Cargo insurance - discussed here - is a subbranch of marine insurance, though Marine also
includes Onshore and Offshore exposed property (container terminals, ports, oil platforms,
pipelines); Hull; Marine Casualty; and Marine Liability.

288 LOVELY PROFESSIONAL UNIVERSITY