49239472 marine insurance
TRANSCRIPT
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Name : Taranjeet Singh Randhawa
Class : SY BMS
Div : B
Roll no : 2368Subject : Banking And Insurance
Faculty : Miss. Nithya Varghese
MARINE INSURANCE
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OVERVIEW
INTRODUCTION TO GENERAL INSURANCE
HISTORY OF MARINE INSURANCE
WHAT IS MARINE INSURANCE?
TYPES OF MARINE INSURANCE
OCEAN MARINE IN SURANCE AND ITS TYPES
INLAND MARINE INSURANCE AND ITS TYPES\
MARINE INSURANCE POLICIES,ITS SALIENTFEATURES AND TYPES
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INTRODUCTION TO GENERAL
INSURANCE
General Insurance sector in India dates back to 1850,
when Tritron Insurance company, for general
insurance was incorporated in 1907, the Indian
Mercantile Insurance Co. Ltd was set up. Insurance Act was passed in 1928 but subsequently
reviewed in 1938
In 1968, the Insurance Act, 1938 was amended.
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CONTD.
Prior to 1973, general insurance was urban-centric
107 insurers including branches of foreign companiesoperating the country were amalgamated.
GIC was incorporated as a company in 1972
GoI subscribed to the capital of GIC. GIC, in turn,subscribed to the following four companies :-
i) National Insurance Co. Ltd
ii) New India Assurance Co. Ltdiii) Oriental Fire and general Insurance Co. Ltd
iv) United India Insurance Co. Ltd
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CONTD.
New players have also ventured into general insurance
business. They are :-
i) Tata AIG General Insurance Co. Ltd
ii) Bajaj Allianz General Insurance Co. Ltd
iii) Reliance General insurance Co. Ltd
iv) Royal Sundraram General Insurance Co. Ltd
v) IFFCO TOKIO General Insurance Co. Ltdvi) ICICI Lombard General insurance Co. Ltd
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HISTORY OF MARINE INSURANCE
Ocean marine insurance is one of the earliest forms ofinsurance
Coincident with the development of trade in theMediterranean Sea 2000 years before the birth ofChrist, insurance transactions emerged as distinctcommercial agreements
Bottomary was a transaction protecting an owner fromfinancial loss if his ship was destroyed
Today, marine insurance is essential to internationalcommerce
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WHAT IS MARINE INSURANCE ???
A contract of marine insurance is an agreement
whereby the insurer undertakes to indemnify the
assured in a manner and to the extent thereby agreed,
against marine losses i.e, the losses incidental tomarine adventure.
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TYPES OF MARINE INSURANCE
Ocean marineinsurance
Inland marineinsurance
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OCEAN MARINE INSURANCE
Ocean marine insurance is one of the forms of
transportation insurance
The ocean marine contracts are incredibly complex,
reflecting basic marine law, trade customs, and courtinterpretations of the various policy provisions
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BASIC CLASSES OF OCEAN MARINE
INSURANCE
HULL INSURANCE
CARGO INSURANCE
PROCTECTION AND INDEMNITY(P& I) INSURANCE
FREIGHT INSURANCE
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INLAND MARINE INSURANCE
Inland marine insurance grew out of ocean marine
insurance.
Inland marine insurance developed in the 1920s to
cover property being transported over land, means oftransportation such as bridges and tunnels, and
property of a mobile nature.
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CATEGORIES OF INLAND MARINE
INSURANCE
FILED FORMS
NONFILEDFORMS
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MARINE INSURANCE POLICIES
Marine insurance policies cover risks associated withtranshipments of goods like :-
1) Transit of heavy goods such as rail engines by shippingvessels
2) Consignment of diamonds sent by post
3) Movement of household goods by rail/road/air
4) Risks vary with the type of business transacted whetherit is by importers, exporters or trading house.
5) Some form of life and transit risks is still undertaken byINDIAN POSTS & TELEGRAPHS DEPT
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SALIENT FEATURES OF MARINE
INSURANCE POLICIES
The striking features of marine insurance policies isthat they are issued on agreed value basis
The values agreed may include all expenses incurredor to be incurred and some amount of profit marginsas well
The contracts can be supply of goods on :
i) ex-factory/godown/warehouse basis
ii) F.O.B basisiii) F.O.R basis
iv) C & F
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TYPES OF POLICIES
There are different types of marine policies known by differentnames according to the manner of their execution or the riskcover :-
i) Voyage policy
ii) Annual policy
iii) Declaration policy
iv) Special declaration policy
v) Open cover
vi) Duty policy
vii) Increased value policy
viii) Marine LOP
ix) Marine Cum Erection
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REFERENCES
1) PRINCIPLESOF RISK
MANAGEMENT
BY GEORGE E.REJDA
2)INSURANCE
AND RISKMANAGEMENT
BY DR. P. K.
GUPTA
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