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Marine insurance

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Title: Marine insurance Author: Skracic Last modified by: tskracic Created Date: 6/17/2014 9:30:02 AM Document presentation format: On-screen Show Other titles – PowerPoint PPT presentation

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Title: Marine insurance


1
Tomislav Skracic, MA Undergraduate English Course
for MARITIME MANAGERS 6th Semester
  • Essential reading
  • T. Skracic, Waypoint English Textbook for
    Maritime Students, Pomorski fakultet, Split 2010,
    Units 29-33
  • T. Trappe G. Tullis, Intelligent Business,
    Longman 2005

2
MARINE INSURANCE
  • UNIT 33

3
Glossary
  • maritime peril (hazard or risk at sea), insurer /
    insurance company, shipowner, policy / cover
    (n.), premium, liability, Lloyd's, underwriters,
    Protection and Indemnity Clubs (PI), levy,
    indemnity, collision, grounding / stranding,
    total loss, general / particular average,
    specialist policy, adventure, condition and
    warranty, salvage and prizes

4
Origins of marine insurance
  • Marine insurance is the oldest type of insurance.
    The growth of the British Empire, the
    establishment of Lloyd's of London and competitor
    insurance companies, as well as a developing
    infrastructure of specialists such as
    shipbrokers, admiralty lawyers, and bankers, gave
    English law a prominence in this area which it
    largely maintains and forms the basis of almost
    all modern practice. The growth of the London
    insurance market led to the standardisation of
    policies. In 1906 the Marine Insurance Act was
    passed which codified the previous common law.

5
  • Although the title of the Act refers to marine
    insurance, the general principles have been
    applied to all non-life insurance. The Marine
    Insurance Act included a standard policy (known
    as the "SG form"). Because each term in the
    policy had been tested through at least two
    centuries of practice, the policy was extremely
    thorough. In 1991, the London market produced a
    new standard policy known as the MAR 91 form.

6
Practice
  • Marine insurance covers the loss or damage of
    ships, cargo, terminals, and any transport or
    property by which cargo is

transferred, acquired, or held between the points
of origin and final destination. Sub-branches of
Marine insurance include Cargo insurance, Onshore
and Offshore exposed property (container
terminals, ports, oil platforms, pipelines)
Hull Marine Casualty and Marine Liability.
7
  • Insurance of the vessels is generally known as
    "Hull and Machinery" (HM). A more restricted
    form of cover is "Total Loss Only" (TLO),
    generally used as a reinsurance, which only
    covers the total loss of the vessel and not any
    partial loss. Cover may be on either a "voyage"
    or "time" basis. The "voyage" basis covers
    transit between the ports set out in the policy
    the "time" basis covers a period of time,
    typically one year, and is more common.

8
Protection and Indemnity Clubs
  • A marine policy typically covered only
    three-quarter of the insured's liabilities
    towards third parties. The typical liabilities
    arise in respect of collision with another ship,
    and wreck removal (a wreck may serve to block a
    harbour, for example). In the 19th century,
    shipowners banded together in mutual underwriting
    clubs known as Protection and Indemnity Clubs
    (PI), to insure the remaining one-quarter
    liability amongst themselves.

9
Protection and Indemnity Clubs
  • These Clubs are still in existence today and have
    become the model for other specialised and
    uncommercial marine and non-marine insurances,
    for example in relation to oil pollution and
    nuclear risks. Clubs work on the basis of
    agreeing to accept a shipowner as a member and
    levying an initial "call" (premium).

Unit 33
10
  • This type of insurance covers
  • Loss of life
  • Injury to crew members and others
  • Hospitalisation of crewmembers in foreign ports
  • Expenses incurred in repatriating crew members
    who have been hospitalised in foreign ports
  • Repatriation of crew members of stranded or lost
    vessel
  • Loss or damage to cargo
  • Liabilities for damage to docks, cables
    (submerged or other), shore installations,
    navigation aids, bridges and other fixed or
    movable properties, damage to property of any
    kind caused by excessive speed in harbour
  • Certain types of fines and penalties, and
    practically all risks not covered by marine
    insurance companies.

11
  • Marine insurance companies and PI, known as
    underwriters, indemnify the shipowner only for
    damage and losses specified in the policy after
    the shipowner proves that such damage or loss has
    occurred. This is determined by surveys, entries
    in the log, reports and statements submitted by
    the master.

12
Unit 33
13
Unit 33
14
Unit 33
15
Unit 33
16
Exercises
  • Answer the following questions
  • What is the Insurance Policy?
  • What does marine insurance cover?
  • What are the risks covered by marine insurance?
  • Explain the difference between "time" and
    "voyage" covers.
  • Who are the Underwriters?
  • What is covered by the PI Clubs?
  • Explain the terms hospitalisation and
    repatriation.
  • How does the owner prove that the damage or loss
    has occurred?
  • Who makes use of reports or statements on the
    accidents, injuries, etc.?

17
  • Translate into English
  • Polica osiguranja (insurance policy) je pisani
    ugovor kojim (whereby) se osiguravatelj, na
    temelju dogovorene svote (payment) koju nazivamo
    premija, obvezuje osiguranoj strani nadoknaditi
    (make good to the insured) svaki gubitak ili
    štetu nad imovinom obuhvacenom policom (specified
    therein).
  • Velik postotak zahtjeva za odštetu tereta (cargo
    claims) posljedica je nedostatka ili neadekvatne
    drvene separacije (dunnage).
  • Casnik mora napisati izjavu i saciniti izviješce
    (make a report) navodeci pravi uzrok štete.

18
  1. Država je dopustila privatizaciju brodara (ship
    operators / shipping companies) poput Jadranskog
    pomorskog servisa i Brodospasa, ali je Obalna
    straža s njima sklopila ugovor o javno-privatnom
    partnerstvu (public-private partnership).
  2. Šteta je bila prouzrocena slanom vodom (salt
    water).
  3. Izjava casnika je izazvala (gave rise to) velike
    prepirke (disputes).
  4. Sjecate li se havarije (accident) turskog ro-ro
    broda?
  5. Mucno je bilo gledati kaos i nesnalaženje
    (disorientation / clumsiness) hrvatskih pomorskih
    vlasti i nadležnih (competent) ministara u toj
    kriznoj situaciji.
  6. Luka spasa (port of refuge) je zaklonište. To ne
    mora biti luka s operativnom obalom (quay) i
    lukobranom, ali mora biti opremljena sredstvima
    za prihvat (facilities for accommodation) broda u
    izvanrednim situacijama.

Unit 33
19
  • Choose some of the elements and make your own
    sentences
  • vessel in distress
  • be appointed by
  • refer to
  • be known as
  • place a claim
  • without delay
  • cover the loss
  • the basis of

20
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