The Marine Insurance Blog

by Andrea

The Lloyd’s Open Form is a regular contract, even though other forms exist. The Lloyd’s Open Form is headed “No cure - no pay”; the purpose of the attempted recover has failed and no award will be given. On the other hand, this code has been destabilized in current years, and rewards nowadays are permitted. Even if the ship might have ruined, pollution will be avoided or alleviated. In other situations, the “salvor” may suggest the SCOPIC terms in disparity to the LOF (Lloyd’s Open Form). These terms signifies that the salvor will be paid even if the rescue attempt has failed. The main depressing issues in inducing SCOPIC  is if the recover attempt is triumphant.

According to Charlie Lee of Ezine articles (http://ezinearticles.com/?expert=Charlie_Lee), “A marine gps navigational unit needs to use at least 12 of the 24 satellites calculating your position. All 24 would be the best, of course. And a larger screen for reading and viewing the water below the boat would be ideal.”

Smaller units are ideal for personal use and would not risk the safety of a whole ship, however, if you are buying a system for the latter, you need to shell out some money and invest on something that is more advanced and bigger such as a 7-inch toushscreen LCD.

http://ezinearticles.com/?How-To-Find-The-Best-Marine-GPS-For-Your-Boat&id=1037870

When it comes to accessories it pays to be very careful indeed to list all that you have on board. List the serial number and sums insured on as many of the items as can be insured – items such as personal effects, fishing gear, cameras, binoculars and transistor radios are not insurable. The equipment and accessories cover actually applies mainly to safety equipment required by statute and other equipment intended for safety use on the boat. The sort of items you can insure are life- rafts, radios, radars, radio direction finders, autopilots, depth sounders, compasses, and even the dinghy, the propeller, and auxiliaries if you have them.

Global Positioning System (GPS) and the Marine Industry go well together since boats really don’t know where they are exactly and certain individuals have to constantly know where they are for them to be able to breathe easily and relax. This is one of the importances of having a GPS unit in a marine vessel.

To finding the best Marine GPS device, you really have to ask yourself what you are looking for and for what purpose you would really use it. And when I say research, you really have to research and base it on to your criteria that you’ve set.

In the case of races it is straightforward. You say where you are going, how long the race is, and when you expect to finish. If you are going on an extended cruise the insuring company or broker will want to know much more about the vessel in terms of its internal and external ballast, whether it has a centerboard or lifting keel, what sort of self-steering it has, the type of construction, and particularly the thickness of the topsides, deck, and cabin top. There will be a number of items covering radio call signs, the color of various parts, the sort of radio sets and the frequencies on board, what radio watch schedule is proposed and more details about the engines. These items are needed in case a search has to be initiated.

Utmost Good Faith

The principle of utmost good faith is indispensable in any insurance contract. Under the open policy the insurer usually knows only of the shipments made by the exporter after the receipt of the insurance declaration form and/or the copy of the insurance certificates. Under such circumstances, a consignment may have reached the importer in:

good condition, that is, without sustaining any loss or damage, before the insurer knows of such consignment. If the exporter knows that the consignment has safely reached the importer and deliberately does not declare such consignment in the insurance declaration form in order to avoid paying the insurance premium, such action is a breach of good faith. Consequently, the insurer may cancel the insurance policy issued to the exporter when the exporter’s bad faith is known.

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by Andrea

The term “salvage” refers to the performance of representing an assistance to a vessel in agony. Separately from the deliberation at the sea, it is conventionally “a place of safety”, and  sailors honour-bound to make assistance as mandatory. It is visibly in underwriters’ interests to give assistance to the vessels that has been broken down. In the guidelines, the rule includes a “sue and labour” segment  that covers the practical costs gained by a ship owner to avoid a larger defeat and downfall. At sea, a ship in misery and danger will naturally be in agreement to “Lloyd’s Open Form”.