The insurance conditions are specified in the letter of credit. The Institute`s freight clauses (I.C.C.) are used for export and import directives. These clauses are drafted by the Institute of London Underwriters (ILU) and used by insurance companies in most countries, including India. and so it will continue and last, during their stay there, on the said ship, &c. And in addition, until said ship with all its weapons, equipment, clothing and goods and merchandise, regardless of what happened to the Marine Insurance Act, it contains as an appendix a standard policy (known as „SG Form“) that the parties could freely use if they wished. Since every term in politics had been tested by at least two centuries of legal precedents, politics was extremely thorough. However, it has also been expressed in rather archaic terms. In 1991, the London market produced a new standard formulation known as Form MAR 91 using the institute`s clauses. The MAR form is simply a general insurance statement; Institution clauses are used to determine the details of insurance coverage. In practice, the policy document usually consists of the MAR form used as an envelope, with the clauses pinned inside.

As a rule, each clause is stamped, with the stamp overlapping both inside and on other clauses. This practice is used to avoid the replacement or deletion of clauses. Since transport insurance is generally taken out on a subscription basis, the MAR form begins: we, the subscribers, undertake to bind each for his part and not for another […]. From a legal point of view, liability under the policy is multiple and not jointly and severally, i.e. unionized banks are all jointly and severally liable, but only on their part or on their part of the risk. In the event of default by an insurer, the rest is not obliged to assume its share of the loss. As a rule, transport insurance is divided between ships and cargo. Ship insurance is commonly referred to as „Hull and Machinery“ (H&M).

A more limited form of coverage is „total loss only“ (TLO), which is generally used as reinsurance and only covers the total loss of the vessel and not a partial loss. Coverage can be provided on a „travel“ or „time“ basis. The basis of „travel“ includes transit between the ports specified in the policy; The „time“ basis covers a period of time, usually a year, and is more common. These two terms are used to distinguish the degree of proof that a ship or cargo has been lost. An actual total loss occurs when the property has been destroyed or damaged in such a way that it is no longer insured. A total design loss is a situation in which repair costs plus recovery costs match or exceed the value. [17] [18] The use of these terms presupposes that there is still property left for damage assessment, which is not always possible in the event of ship losses at sea or total theft. In this respect, transport insurance differs from non-transport insurance, where the insured must prove his damage.

Traditionally, transport insurance was considered in law as „adventure“ insurance, with insurers having an interest and interest in the ship and/or cargo and not just an interest in the financial consequences of the survival of the item. 3. A maritime policy may be assigned to it by mistake or in any other usual way. Risks such as wars, strikes, riots and riots are not covered by the institute`s cargo clauses. However, the insurer may provide this coverage against payment of an additional transport insurance premium. A transport insurance contract is an agreement by which the insurer undertakes to compensate the insured in the manner and to the extent agreed under it for transit losses, transit-related losses. A marine insurance contract may be renewed by its express conditions or by commercial practice in order to protect the insured against losses in inland waters or against land risks that may accompany a sea voyage. Simply put, transportation insurance includes marine insurance is such a broad term that it is usually applied to a group of coverages to provide protection against certain loss or damage. In general, there are three common types of transportation insurance that offer different coverage. The market value of the loss should be offset and, in commercial contracts in general, no profit is allowed, but in the transport insurance contract, a certain profit margin is also allowed, as provided for in the Marine Insurance Act. It is common for transport insurance agencies to compete with local insurers` offers. These specialized agencies often fill market gaps by covering transport insurance risks that are difficult to place or obscure for which it would otherwise be difficult, if not impossible, to find insurance coverage.

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