Any analysis of marine insurance claims involves answers to questions of cause of loss or damage and quantification which means assessment of loss or damage and quantification, which means assessment of loss or damage which constitutes the claim. if the cargo or part it is lost or missing evidence wii be sought from the carrier […]
INTRODUCTION Contractors All Risks (CAR) Insurance is a relatively modern branch of Engineering Insurance. The basic concept of CAR Insurance is to offer comprehensive and adequate protection against loss or damage in respect of the contract works, as well as for third party claims in respect of properly damage or bodily injury arising in connection […]
Following rapid industrialization project insurance has gained a lot popularity and has become an indispensable factor for protecting the financial interests of entrepreneurs in this country. Any kind of large project involves a number of hazards both for contractors and for owners of the works and the only economical way to safeguard against all natural […]
ACTUAL TOTAL LOSS :- Where the cargo insured in destroyed or so damaged as to cease to be a thing of the kind insured or where the adssured is irretrievably deprived thereof. CONSTRUCTIVE TOTAL LOSS :- Where the cargo is reasonably abandoned because either the actual total loss appears to be unavoidable or to prevent […]
‘C’ (FIRE RISK’S ONLY) FIRE; LIGHTNING ‘B’ (BASIC COVER) FIRE; LIGHTNING; BREAKING OF BRIDGES; COLLISION WITH OR BY THE CARRYING VEHICLE; DERAILMENT OR OVERTURNING OF THE CARRYING VEHICLE; ACCIDENTS OF LIKE NATURE TO THE CARRYING RAILWAY WAGON/VEHICLE. ‘A’ (ALL RISKS) ALL PHYSICAL LOSS OR DAMAGE TO THE INSURED GOODS EXCEPT AS PER EXCLUSIONS. IT COVERS […]
‘C’ FIRE OR EXPLOSION; STRANDED, GROUNDED, SUNK, CAPSIZED; OVERTURNING OR DERAILMENT OF LAND CONVEYANCE; COLLISION OR CONTRACT WITH ANY EXTERNAL OBJECT OTHER THAN WATER; DISCHARGE OF CARGO ATA PORT OF DISTRESS; GENERAL AVERAGE SACRIFICE JETTSON, SALVAGE CHARGES. ‘B’ COVERS AS PER IC’ C’- C+ AS FOLLOWS EARTHQUAKE; VOLCANIC ERUPTION OR LIGHTING; WASHING OVER BOARD; ENTRY […]
“Ryan Recorder” The Ryan Recorder is enclosed in the confinement of the container or trailer and will record on a chart the temperature exposures of the cargo during the entire transit period. “Tip and Tell” or “Tilt Watch” The Tip and Tell, or Tilt watch is affixed both to the cargo as well as external […]
When surveyors are handling cargo losses, it is often found that shipping documents are improperly prepared, which can result in underwriters not being able to settle the claim under the terms and conditions of the policy of insurance, or underwriters not being able to properly subrogate of the policy of insurance, or underwriters not being […]
Before going into details as to how to take measures to prevent or reduce various damages and losses sustained to cargo while same is in transit by air, ocean,barge,rail,truck or while in storage, we should first of all, look into the various type of damages and losses generally experienced to cargo. There are, of course, […]
Unlike automobiles with the “Kelly Blue Book” and to some extent pleasure yachts, which use the “powerboat Guide” commercial ships do not have a generally recognized common value reference source. The reason for that is the commercial ships have to be evaluated on a variety to different levels to ascertain a real market value. There […]