Different Terms Used in Marine Insurance
In this article, I introduce some technical terms used in Marine Insurance. These terms used in Marine Insurance are Assailing thieves, Jettison, Barratry, All other Perils and Perils of the Sea.
What do the terms Assailing thieves, Jettison, Barratry, All other Perils and Perils of the Sea used in Marine Insurance?
(a) ‘Fire’ includes direct and indirect fire damage including loss while extinguishing fire.
(b) ‘Assailing thieves’ refer to forcible taking, does not cover clandestine theft or mere pilferage.
(c) ‘Jettison’ is the throwing of articles, usually to lighten the vessel in times of emergency.
(d) ‘Barratry’ is the willful misconduct of the master and crew that would include international casting away of the vessel, theft or wrongful conversion with dishonest intent.
(e) ‘All other Perils’ do not cover all the perils that befall a shipment, but only connected sea perils.
(f) ‘Perils of the Sea’: It includes out of the ordinary wind and wave action, stranding ,lightning, collision, and damage by sea water when caused by peril such as opening of the seams of the vessel by stranding or collision.
Also read - KINDS OF LOSSES in Marine Insurance, RISKS NOT COVERED BY MARINE INSURANCE, Types of Insurance Documents, Procedure and Documentation for Filing Claim of Marine Insurance, TYPES OF MARINE INSURANCE POLICIES . I hope, these article provide you a better knowlege about Marine Insurance under international business.
In this article I have explained about some of the terms used in Marine Insurance like Assailing thieves, Jettison, Barratry, All other Perils and Perils of the Sea. . Do you wish to add more information about the terms used in Marine Insurance? Share below your experience and knowledge about the technical terms used in Marine Insurance under import export of international trade.
Do you have different thoughts on this article about terms used in Marine Insurance? Comment below your thoughts about this article on different technical terms used in Marine Insurance.
Posts about international trade cauching
RISKS NOT COVERED BY MARINE INSURANCE
Why to insure export goods?
Types of Insurance Documents.
Procedure and Documentation for Filing Claim of Marine Insurance.
KINDS OF LOSSES in Marine Insurance
How to start Export Business?
How to get Export Orders?
What are the risks and solutions in Export Business?
Click here to know India Trade Classification(ITC)
Click here to know HS code of other product/commodity
Service Tax - Click here to read complete notification under Budget 2014
What is Bank post shipment credit to exporters?
TYPES OF MARINE INSURANCE POLICIES