- Fire Insurance
- Burglary Insurance
- Marine Insurance
- Health Insurance
- All Risk Insurance
- Personal Accident Insurance
- Cash-In-Transit & Cash-In-Safe
- Overseas Medical Insurance / Travel Insurance
- Loss of Profit Insurance
- Erection All Risk Policy (EAR)
- Contractors All Risk Policy
- Industrial All Risk policy
- Professional Indemnity
- Contractors Plant & Machinery Policy (CPM)
- The oldest branch of insurance.
- Cargo Insurance.
- Hull Insurance.
- Lloyd´s is the famous world´s Marine insurance market.
- Marine Insurance Act 1906.
- Concerns the insurance of ships.
- Hull, machinery etc.
- Plays an important role in domestic trade as well as international trade.
- Provides insurance cover in respect of loss of or damage to goods during transit by –rail, -road -sea -air
TYPES OF MARINE POLICY
- Time Policy
- Voyage Policy
- Mixed Policy
Institute Cargo Clauses ( C )
a) Fire or explosion.
b) Vessel or craft being stranded, grounded, sunk or capsized.
c) Overturning or derailment of land conveyance.
d) Collision or contract of vessel, craft or conveyance with any external object other than water.
e) Discharge of cargo at a port of distress.
f) General average sacrifice.
INSTITUTE CARGO CLAUSE (B)
- Provides cover under ICC ( C )
- Additional risk
a) Earthquake, volcanic eruption or lightning.
b) Washing overboard.
c) Entry of sea, lake or river water into vessel.
d) Total loss of any package lost overboard or dropped whilst loading or unloading from vessel.
- Can be added on payment of extra premium to ICC (B)
a) Theft, pilferage and / or non-delivery.
b) Fresh water and rainwater damage.
c) Hook and / or oil damage.
d) Heating and sweating.
e) Damage by mud, acid and other extraneous substances.
h) Busting / tearing of bags
INSTITUTE CARGO CLAUSE (A)
- Provide cover for all risks of loss or damage.
- All risks means losses which are caused by accidental circumstances.
- Under ICC (C) and (B) the risks covered are specified.
- Loss caused by willful misconduct of the insured.
- Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear.
- Loss caused by inherent vice or nature of the subject matter.
- Loss caused by delay.
- Loss arising from insolvency or financial default of owners of the vessel.
- Loss or damage due to inadequate packing.
- War, riot, strike, lock-out, civil commotions and terrorism.