general insurance mypart

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General Insurance

Group 7


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General Insurance

Insurance contracts that do not come under the ambitof life insurance are called general insurance.

The dierent forms of general insurance are re,marine, motor, accident and other miscellaneous non-

life insurance. The economic value of the tangible asset is to be

protected for which the general insurance is needed.

Lie life insurance, general insurance products come

at a price in the form of premium. General insurance is broadl! divided into three areas"

personal lines, commercial lines and London maret.


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MARINE INSURANCE

ORIGINATED IN ENGLAND

GOVERNED BY- Indian $arine Insurance %ct &'(#

COVERS THREE MAIN INTERESTSin a marine venture "-

Hull) it represents the ship*

Cargo) it is the goods being transported b! the vessel*and

Freig!) is the prot or earnings of the ship at the end of amarine venture.

MARINE INSURANCE COVERAGE FORTUITOUS

INSURED "ERILS Collision

Foun#ering a! Sea

Ta$ing a! sea

UNINSURED "ERILS


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HULL INSURANCE an# T%&es o' "olicies

HULL refers to ocean going vessels ships,trawlers, barges, shing vessels, etc

HULL AND MACHINERY INSURANCE DISBURSEMENT AND INCREASED

VALUE INSURANCE SHI" RE"AIRER(S LIABILITY )AR RIS*S BUILDERS( RIS* "OLICY "REMIUMS OF INSURANCE


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CARGO INSURANCE

/argo insurance are codied under the Institute of /argo/lauses %, 0 and /.

RIS*S COVERED BY ICC CLAUSES %ll perils, 1ire including while e2tinguishing

/ollision with another vessel3other ob4ects

5isposal of cargo at a port of distress

Lightning, earth6uaes, volcanic activit!

Loss caused due to incursion of water acage lost3 damaged in loading and unloading process

called sling loss

GENERAL E+CLUSIONS CLAUSE , willful misconduct,breaage, nancial default


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FREIGHTINSURANCE rot a ship owner maes b! transporting his own cargo or

the cargo of another person

TY"ES OF FREIGHT" "re&ai# Freig! - paid in advance b! owner of goods, at his own

ris. /overs this while insuring goods.

Freig! &a%a.le on #eli/er% - paid once goods aredelivered. If carrier fails to deliver goods, then the! arenot entitled to freight.

Lu0& su0 Freig! - when carrier is not re6uired todeliver entire cargo, but a si8eable amount of cargoshould be delivered.

Ti0e car!er ire - paid to ship owner b! owner ofgoods for maing use of the ship for transporting hisgoods


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FIRE INSURANCE "ERILS COVERED

1ire, Lightning, 92plosion, %ircraft damage, :iot, ;trie,

malicious damages, tempest,


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SOME MISCELLANEOUS INSURANCE

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VIDESH YATRA>LI/C

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