Terms Used in Marine Insurance

 

 

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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?

 

Terms Used in Marine Insurance.psd(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 InsuranceTYPES 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.

 

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Comments


jyoti: In FOB terms, when i should get insurance of imported goods ? After sailing or before sailing or there is different rule for different items.

Drmanzoor Dhanse : Sir i have made my own exim firm and applied for IEC & BIN.I want to export Alphonso mangoes from Mumbai to gulf & import moblile and its accesaries,artifitial jwell,cloths,electric acces,kitchen appliences from China,so can you guide what are those documents i have to apply for after IEC,For mango RCMC itself enough from APEDA or any other licence require

Shashikant Manohar Gode : I m shashikant Gode based in Pune originally from Ratnagiri having my own farm of mangos. I m willing to export alphanso mangos to usa please give latest guidelines/rules.

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