Marine Insurance

Resumen

Marine insurance is the grandparent of the whole industry. Long before anyone thought to insure a house against fire or a life against death, merchants were pooling the risk of ships that might never return. Today it quietly underpins almost everything Nigeria buys and sells abroad: the fuel, the machinery, the rice and the cars that cross the ocean to reach Lagos and Onne all travel under a marine policy.

In this lesson you will learn what marine insurance actually covers: the perils of the sea and the excepted perils it leaves out, the four interests it protects (hull, cargo, freight and liability), and the ways a policy can be timed by voyage or by period. You will settle a general average claim step by step, discover why a marine policyholder need own the goods only at the moment of loss, and see why no cargo leaves a port without this cover.

Objetivos

  1. Identify the marine perils and distinguish them from excepted perils
  2. Describe hull, cargo and freight cover and state what each protects
  3. Explain the operation of a marine policy in relation to a voyage and to a period of time
  4. Explain the importance of marine insurance to international trade

Nota de la lección

A trader in Kano orders forty thousand dollars of textiles from Guangzhou. The container is loaded at sea, and three weeks later a storm off the Cape forces the master to throw part of the deck cargo overboard to keep the vessel upright. Her bales survive, but when the ship berths in Lagos she is handed a bill: she must contribute towards the cargo that was sacrificed to save the voyage. She is baffled. She lost nothing, so why must she pay? The answer lies in the oldest branch of insurance there is, and in a rule about shared sacrifice that has governed sea trade for centuries. Understand marine insurance and you understand how goods move safely across an ocean that owes no one a calm passage.

Evaluación de la lección

Felicitaciones por completar la lección del Marine Insurance. Ahora que has explorado el conceptos e ideas clave, es hora de poner a prueba tus conocimientos. Esta sección ofrece una variedad de prácticas Preguntas diseñadas para reforzar su comprensión y ayudarle a evaluar su comprensión del material.

Te encontrarás con una variedad de tipos de preguntas, incluyendo preguntas de opción múltiple, preguntas de respuesta corta y preguntas de ensayo. Cada pregunta está cuidadosamente diseñada para evaluar diferentes aspectos de tu conocimiento y habilidades de pensamiento crítico.

Utiliza esta sección de evaluación como una oportunidad para reforzar tu comprensión del tema e identificar cualquier área en la que puedas necesitar un estudio adicional. No te desanimes por los desafíos que encuentres; en su lugar, míralos como oportunidades para el crecimiento y la mejora.

  1. Which of the following is NOT one of the interests protected by marine insurance? A. Hull B. Cargo C. Freight D. Goodwill Answer: D
  2. A marine policy that covers a ship for a stated period, usually one year, wherever it sails, is called a: A. Voyage policy B. Time policy C. Floating policy D. Valued policy Answer: B
  3. The deliberate throwing of cargo overboard to save a ship in danger is known as: A. Barratry B. Jettison C. Salvage D. Abandonment Answer: B
  4. To save a sinking vessel, cargo worth 5,000,000 naira is jettisoned. The owner's interest is one-tenth of the total value in the venture. How much of the sacrifice does the owner ultimately bear? A. 5,000,000 naira B. 4,500,000 naira C. 500,000 naira D. Nothing Answer: C
  5. Which of the following is an excepted peril in marine insurance? A. Storm B. Collision C. Inherent vice D. Stranding Answer: C

Libros Recomendados

Principles of Risk Management and Insurance
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Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Subtítulo: Tenth edition
Editorial: Wiley
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ISBN: 978-0-470-08753-4
Descripción: A clear account of the nature of risk and the economics of insurance, written for beginning students across life, health, property and liability insurance.
Fundamentals of Insurance
Fundamentals of Insurance
Subtítulo: Second edition
Editorial: Himalaya Publishing House
Año: 2017
ISBN: 978-93-5097-079-9
Descripción: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Preguntas Anteriores

¿Te preguntas cómo son las preguntas anteriores sobre este tema? Aquí tienes una serie de preguntas sobre Marine Insurance de años anteriores.

WAEC SSCE - Insurance - 2015

Pregunta 1 Informe

Explain the following terms under marine insurance:

(a)       hull policy

(b)       cargo policy

(c)       freight policy

(d)       marine perils

(e)       average

 

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