Indian Marine Insurance Law 印度海上保險法.ppt

* Marine Insurance in India Marine Insurance: Overview Nature and Scope of Marine Insurance Contract What is Maritime Perils? The Perils of the Sea The concept of Marine Adventure Definition of Marine Insurance Contract A Slip in Marine Insurance Rules In India Regarding Marine Insurance Classification of Marine Policies Valued Policy Unvalued Policy Floating Policy Time Policy Voyage Policy Marine Insurance: Overview Voyage – Deviation Types of Marine Insurance Hull Insurance Cargo Insurance Fright Insurance Liability Insurance Warranties in Marine insurance Definition Effects of Breach of a Warranty Types of Warranty (3types) Marine Insurance: Overview Loss Perils insured in a Marine Policy Kinds of Losses Payment of Claims Nature and Scope of Marine Insurance Contract ___________________________________________________________________________ The Marine Insurance is regulated under The Indian Marine Insurance Act, 1963 (enforced on 1st August, 1963) which is based on the original ‘Marine Insurance Act, 1906 of U.K. Marine Insurance has been made mandatory in export and import business The document containing the contract of insurance is known as the ‘Marine Policy’ or ‘Sea Policy’ It essentially provides cover for the losses suffered due to Marine Perils. Maritime Perils “Maritime Perils means the perils consequent on, or incidental to, the navigation of thesea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures,seizures, restraints and detainments of princes and peoples, jettisons, barratry and anyother perils ___________________________________________________________________________ Above definition is taken from Section 2 (e) under The Marine Insurance Act, 1963 Nature and Scope of Marine Insurance Contract The Perils of the Sea A Peril of the Sea may be defined as to cover everything that happens to the ship in