The Marine Insurance Blog

by Andrea 

Overdue insurance:  kind of insurance which is currently out of date due to innovations in communication. It was an untimely form of reinsurance and was acquired by an insurer when a ship was behind schedule arriving at the destination harbor. The risk here was the ship might have been gone but, just as might have been late. The past due insurance of the Titanic was legendary countersigned on the doorstep of Lloyd’s.

 Cargo insurance: Cargo insurance is underwritten at the Institute Cargo Clauses, by means of reporting on an A, B, or C basis; A having the broadest cover and C the most controlled. Valuable cargo is known in marine insurance as specie.

by Andrea

Listed below are various types of specialist policy that exists:

Newbuilding risks: This hides the risk of damage to the hull all together as under construction.

 Yacht Insurance: Insurance of recreation vehicle commonly known as “yacht insurance” and thus, comprises of liability treatment.

War risks: This type of policy protects, at an added premium, against the threat of defeat in a war zone. This was established by the London-based Joint War Committee,  that was moved lately to contain the Malacca Straits as a battle risks area due to piracy.

Increased Value (IV): guards the ship owner opposed to any discrepancy between the insured worth of the vessel and the market price of the vessel.

As per released records to date, Janashakthi Insurance recorded Rs. 525.77 million net profit after tax for the year ended 31 December 2007, recording the highest net profit margin from among the five leading insurance companies in the country.

Life Insurance business achieved shows 18 per cent growth, achieved total premiums of Rs. 1.2 billion. General insurance recorded Rs 3.68 billion with a 17 per cent growth in last year. The company is planning an initial Public Offering as the company revenue reached Rs 5.2 billion in 2007 and it was the best achievement over the past 13 years that company has achieved, Chairman of Janashakthi Insurance, W.T. Ellawala.