Marine Insurance

Akopọ

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.

Awọn Afojusun

  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

Akọ̀wé Ẹ̀kọ́

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.

Ìdánwò Ẹ̀kọ́

Oriire fun ipari ẹkọ lori Marine Insurance. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.

Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.

Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.

  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

Awọn Iwe Itọsọna Ti a Gba Nimọran

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Atunkọ: Thirteenth edition
Olùtẹ̀jáde: Pearson
Odún: 2016
ISBN: 978-0-13-408257-8
Apejuwe: The standard introduction to risk and insurance, covering risk management, insurer operations and the main lines of life, health, property and liability cover.
Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Atunkọ: Tenth edition
Olùtẹ̀jáde: Wiley
Odún: 2008
ISBN: 978-0-470-08753-4
Apejuwe: 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
Atunkọ: Second edition
Olùtẹ̀jáde: Himalaya Publishing House
Odún: 2017
ISBN: 978-93-5097-079-9
Apejuwe: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Àwọn Ìbéèrè Tó Ti Kọjá

Ṣe o n ronu ohun ti awọn ibeere atijọ fun koko-ọrọ yii dabi? Eyi ni nọmba awọn ibeere nipa Marine Insurance lati awọn ọdun ti o kọja.

WAEC SSCE - Insurance - 2015

Ibeere 1 Ìròyìn

Explain the following terms under marine insurance:

(a)       hull policy

(b)       cargo policy

(c)       freight policy

(d)       marine perils

(e)       average

 

Wo Idahun