The Surveyors is an important group in the marine industry. If the Classification societies are the loss control part of the industry, the surveyors on the other hand are the “claims” side. The surveyors are an independent firm that mostly reviews damages and they also make recommendations to the insurance company. Because of the given fact that they are an independent firm, actions can only be taken when the insurance carrier approves recommendations. Ocean marine also is a highly specific line of coverage which a number of excellent and dedicated brokers work with several agents to offer and provide placement service.

The Ocean Marine Hull Coverage offers and provides the physical damage coverage for the vessel and possessions that is a part of a certain vessel. Moreover, adding up to the ocean-going vessels, this Hull coverage is written on several diverse kinds of commercial craft that controls rivers, harbors and other inland waterways. These vessels include tugs, lighters, several and different types of work vessels used to load or unload ships, barges, river towboats and miscellaneous classes of floating equipment used around the coastal and inland ports. Offshore rigs and related kind of fixed property in the ocean are also entitled and qualified for hull insurance.

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.

bad condition, that is, sustaining loss or damage, before the insurer knows of such consignment. Whether or not the exporter knows that the consignment has not safely reached the importer and fails to declare such consignment in the insurance declaration form, the insurer is liable to pay for the loss or damage out of good faith.

Indemnity

Cargo insurance is a contract of indemnity, that is, to compensate for the loss or damage in terms of the value of the insured goods. The amount insured as agreed between the insurer and the assured forms the basis of indemnity.

Source: resources.alibaba.com

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.

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”.

Claim is used to describe the process of getting an insurance company to pay out on the policy you bought from them.

Exclusions are events not covered by an insurance policy

Indemnity – the principle by which insurance policyholders are put in the same financial position after a loss as they were immediately before it.

Lloyd’s of London – An insurance market organized into syndicates, which underwrites most types of policy.

The cargo (marine) insurance works on the principles of insurable interest, utmost good faith, and indemnity.

Insurable Interest

When the goods are lost or damaged and the owner of the goods (i.e., the title holder in the goods) suffers a loss, fails to realize an expected profit, or incurs liability from the loss or damage, the owner (the title holder) is deemed to have an insurable interest in the goods.
When the exporter delivers the goods, the insurable interest in such goods transfers at the point and time where the risk shifts from the exporter to the importer, as determined by the international commercial terms used. For example, the point and time where the risk shifts in:

CIF
(Cost, Insurance and Freight to the named port of destination) —
the point the risk shifts is on board the ship at the named port of loading, as such the insurable interest transfers from the exporter to the importer at the time the goods pass over the ship’s rail.

CIP
(Carriage and Insurance Paid To the named place of destination) —
the point the risk shifts is at the depot in the country of shipment, as such the insurable interest transfers from the exporter to the importer at the time the goods are loaded on truck or container, rail car, or airplane (or goods placed in the custody of an air carrier) at the named point of departure.

The time the insurable interest transfers from the exporter to the importer is, technically, the time the exporter endorses the specific policy or the insurance certificate to the importer, as the case may be.

The insurance certificate bears the open policy number of the exporter and, like in a specific policy, the claim agent at port of destination and that claim payable at destination are also indicated.

The importer relies on the specific policy or the insurance certificate and the supporting claims documents as proof that the goods have been insured and that he/she has the insurable interest in the goods when filing for insurance claims against loss or damage.

In the trade terms DDU and DDP, the exporter is responsible for the risks up to the delivery of goods to the final point at destination (the project site or importer’s premises usually), as such the insurable interest in the goods does not transfer from the exporter to the importer in the shipment.

Some countries may require that the import and/or export shipments be insured with their national insurance companies.

Source: resources.alibaba.com

Troubles at sea can result in big losses for companies relying on the products on board. No agency tracks how much cargo is lost at sea around the world each year.

However because ships can hold such huge loads, accidents take on a large extent. One sunken ship can carry thousands of cars worth tens of millions of dollars. There is a great need for marine and ocean protection, as the marine entrepreneur must be protected against an ever-increasing suit-conscious public.