MS 46 IGNOU MBA Solved Assignment -What are maritime perils? What is the difference Marine Cargo Policies and Marine hull policies?

What are maritime perils? What is the difference Marine Cargo Policies and Marine hull policies?

Ans :

         Maritime perils’ means the perils consequent on, or incidental to, the navigation of

the sea, that is to say, perils of the sea, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind, or which may be designated by the policy.”

         The term “perils of the sea” refers only to fortuitous accidents or casualties of the sea.

It does not include the ordinary action of the wind and waves. “Fortuitous” means

“accidental” not inevitable.

 marine insurance policies protect the assured against maritime perils. "Maritime Perils"

mean perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of

the sea, fire, war perils, pirates and rovers, thieves, captures, seizures, restraints and

detainment of princes and peoples, jettisons, barratry and any other perils which are either

of the like kind or may be specified by the policy.

War Perils cover loss sustained owing to hostile acts of an enemy.
Pirates and Rovers means sea robbers and rioters who attack the ship from the shore.

          Jettison refers to throwing a part of the goods overboard with a view to lighten the ship and residue of the cargoes in an emergency.

         Barratry means wrongful act wilfully committed by the captain or crew in contravention of their duties, thereby causing prejudice to the owners, for example, intentionally setting fire to ship or running aground the ship.

         Perils of the sea refer only to fortuitous accidents or casualties of the seas. It does not include the ordinary wear and tear eg, bursting or breakage of shaft because inevitable action of the winds and waves. By the implied warranty of sea-worthiness, it is understood that a ship will be in such a condition as to withstand the ordinary waves and winds and therefore if the ship is sunk because of unseaworthines (eg defective boiler and machinery) at the commencement of voyage, the peril is not a sea peril and the insurer is not liable for any loss. On the other hand, the ship owner shall be liable to compensate the insurer, for any moneys payable to cargo owners, whose cargoes might have been danaged. Perils of the seas usually relate to casualties which might occur, and not to those which must occur.

War Perils cover loss sustained owing to hostile acts of an enemy.
Pirates and Rovers means sea robbers and rioters who attack the ship from the shore.
          Jettison refers to throwing a part of the goods overboard with a view to lighten the ship and residue of the cargoes in an emergency.

         Barratry means wrongful act wilfully committed by the captain or crew in contravention of their duties, thereby causing prejudice to the owners, for example, intentionally setting fire to ship or running aground the ship.

         Perils of the sea refer only to fortuitous accidents or casualties of the seas. It does not include the ordinary wear and tear eg, bursting or breakage of shaft because inevitable action of the winds and waves. By the implied warranty of sea-worthiness, it is understood that a ship will be in such a condition as to withstand the ordinary waves and winds and therefore if the ship is sunk because of unseaworthines (eg defective boiler and machinery) at the commencement of voyage, the peril is not a sea peril and the insurer is not liable for any loss. On the other hand, the ship owner shall be liable to compensate the insurer, for any moneys payable to cargo owners, whose cargoes might have been danaged. Perils of the seas usually relate to casualties which might occur, and not to those which must occur.

          Jettison refers to throwing a part of the goods overboard with a view to lighten the ship and residue of the cargoes in an emergency.
         Barratry means wrongful act wilfully committed by the captain or crew in contravention of their duties, thereby causing prejudice to the owners, for example, intentionally setting fire to ship or running aground the ship.

         Perils of the sea refer only to fortuitous accidents or casualties of the seas. It does not include the ordinary wear and tear eg, bursting or breakage of shaft because inevitable action of the winds and waves. By the implied warranty of sea-worthiness, it is understood that a ship will be in such a condition as to withstand the ordinary waves and winds and therefore if the ship is sunk because of unseaworthines (eg defective boiler and machinery) at the commencement of voyage, the peril is not a sea peril and the insurer is not liable for any loss. On the other hand, the ship owner shall be liable to compensate the insurer, for any moneys payable to cargo owners, whose cargoes might have been danaged. Perils of the seas usually relate to casualties which might occur, and not to those which must occur.

         Barratry means wrongful act wilfully committed by the captain or crew in contravention of their duties, thereby causing prejudice to the owners, for example, intentionally setting fire to ship or running aground the ship.
         Perils of the sea refer only to fortuitous accidents or casualties of the seas. It does not include the ordinary wear and tear eg, bursting or breakage of shaft because inevitable action of the winds and waves. By the implied warranty of sea-worthiness, it is understood that a ship will be in such a condition as to withstand the ordinary waves and winds and therefore if the ship is sunk because of unseaworthines (eg defective boiler and machinery) at the commencement of voyage, the peril is not a sea peril and the insurer is not liable for any loss. On the other hand, the ship owner shall be liable to compensate the insurer, for any moneys payable to cargo owners, whose cargoes might have been danaged. Perils of the seas usually relate to casualties which might occur, and not to those which must occur.

         Perils of the sea refer only to fortuitous accidents or casualties of the seas. It does not include the ordinary wear and tear eg, bursting or breakage of shaft because inevitable action of the winds and waves. By the implied warranty of sea-worthiness, it is understood that a ship will be in such a condition as to withstand the ordinary waves and winds and therefore if the ship is sunk because of unseaworthines (eg defective boiler and machinery) at the commencement of voyage, the peril is not a sea peril and the insurer is not liable for any loss. On the other hand, the ship owner shall be liable to compensate the insurer, for any moneys payable to cargo owners, whose cargoes might have been danaged. Perils of the seas usually relate to casualties which might occur, and not to those which must occur.

• Marine Cargo: Any loss or damage to goods in transit by rail, sea, road, air or post.

• Marine Hull: Any loss or damage to ships tankers bulk carriers smaller vessels fishing boats and sailing vessels.

• Fire or explosion; stranding sinking etc.

• Overturning derailment (of land conveyance)

• Collision

• Discharge of cargo at port of distress

• Jettison

• General average sacrifice salvage charges

• Earthquake lightning

• Washing overboard

• Sea lake river water

• Total loss of package lost overboard or dropped in loading or unloading.

• War and SRCC is specifically covered

• Fire or explosion; stranding sinking etc.

• Overturning derailment (of land conveyance).

• Collision.

• General average sacrifices salvage charges.

• Deliberate damage/destruction of the vessel by wrongful act of any person

• Use of any weapon of war employing atomic / nuclear fission and or fusion

• Insolvency or financial default of the vessel owner / operators / chatterers.

• War / civil war � Strike Riot or Civil Commotion.

• Any terrorist or person/s acting with political motive.

• Ocean Going Vessels

• Coastal Vessels

• Inland Vessels

• Port Crafts

• Ship Building

• Sailing Vessels

           Perils of the seas cover losses caused by seawater, stranding, cyclone, storm, lightning, fog, rough weather, collision with other ship, striking upon a sunken rock or icebergs.

Marine Cargo

The policy covers loss/damage to the property insured due to:

Marine Hull

The policy covers loss/damage to the property insured due to:

The policy does not pay any loss/damage caused by attributable to due to:

Types of Marine Cargo Insurance Policies

Open Cover

Open Policy

Specific Voyage Policy

Types of Marine Hull Insurance Policies

Charter’s Liability Fishing Trawlers, etc