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.
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