Scribd Logo
Upload

Welcome to Scribd!

  • 33 views

    Insurancereview Day7

    Uploaded by

    Jenifer Paglinawan
    1) The document discusses marine insurance principles and procedures related to payment of claims and litigation of claims. It covers topics like abandonment, total vs partial losses, measures of indemnity, unfair settlement practices, and the powers of the Insurance Commissioner. 2) Key points include what constitutes actual and constructive total losses, when abandonment of a vessel is allowed, how claims values are estimated, the jurisdiction of the Insurance Commissioner vs courts for different claim amounts, and unfair settlement practices insurers should avoid. 3) Procedures for litigating larger claims over P100,000 through the Insurance Commissioner or courts are also laid out.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    Insurancereview Day7

    Uploaded by

    Jenifer Paglinawan
    33 views31 pages
    1) The document discusses marine insurance principles and procedures related to payment of claims and litigation of claims. It covers topics like abandonment, total vs partial losses, measures of indemnity, unfair settlement practices, and the powers of the Insurance Commissioner. 2) Key points include what constitutes actual and constructive total losses, when abandonment of a vessel is allowed, how claims values are estimated, the jurisdiction of the Insurance Commissioner vs courts for different claim amounts, and unfair settlement practices insurers should avoid. 3) Procedures for litigating larger claims over P100,000 through the Insurance Commissioner or courts are also laid out.

    Original Description:

    Insurance reviewer

    Original Title

    insurancereview.day7

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) The document discusses marine insurance principles and procedures related to payment of claims and litigation of claims. It covers topics like abandonment, total vs partial losses, measures of indemnity, unfair settlement practices, and the powers of the Insurance Commissioner. 2) Key points include what constitutes actual and constructive total losses, when abandonment of a vessel is allowed, how claims values are estimated, the jurisdiction of the Insurance Commissioner vs courts for different claim amounts, and unfair settlement practices insurers should avoid. 3) Procedures for litigating larger claims over P100,000 through the Insurance Commissioner or courts are also laid out.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    33 views31 pages

    Insurancereview Day7

    Uploaded by

    Jenifer Paglinawan
    1) The document discusses marine insurance principles and procedures related to payment of claims and litigation of claims. It covers topics like abandonment, total vs partial losses, measures of indemnity, unfair settlement practices, and the powers of the Insurance Commissioner. 2) Key points include what constitutes actual and constructive total losses, when abandonment of a vessel is allowed, how claims values are estimated, the jurisdiction of the Insurance Commissioner vs courts for different claim amounts, and unfair settlement practices insurers should avoid. 3) Procedures for litigating larger claims over P100,000 through the Insurance Commissioner or courts are also laid out.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    You are on page 1of 31

    PART FOUR PAYMENT OF PROCEEDS AND FILING OF CLAIMS

    Marine

    General Principles
    The cause of the loss must be perils of the sea and NOT perils of the ship

    In case there is bottomry, insurable interest of the ship owner is limited to excess of its value over the amount secured by bottomry. (101)

    General Principles
    Freightage all benefits derived by the owner either from chartering the ship or its employment for the carriage of his own goods or those of others (102) Charterer of the ship has insurable interest on the ship to the extent that he is damnified by the loss (106)

    General Average
    if the goods of A are disposed in order to save the vessel and other goods, the loss suffered by A shall be shared by all other owners in proportion to the value of the goods belonging to them which are saved

    Particular Average
    If the goods of A are disposed but such disposition did not inure to the common benefit of other owners of goods, only A will suffer the loss Other owners will not contribute in As loss

    General Principles
    If ship is prevented at an intermediate port from completing the voyage due to an insured peril, the liability of the marine insurer continues after reshipment (133) In case of reshipment, the insurer of goods is liable for damages, expenses of discharging, storage, reshipment and other expenses (134)

    Total v Partial Loss


    Every loss which is not total is partial (128) Total loss may either be actual or constructive Actual loss may be presumed from the continued absence of a ship without being heard of (132)

    Actual Loss, 130


    total destruction of the thing irretrievable loss of thing by sinking or being broken up damage which renders thing valueless for the purpose it is held other event which effectively deprives owner of possession of the thing at the port of destination

    Constructive Total Loss, 131


    Also called technical total loss

    Loss which gives the person the right to abandon under Section 139

    When there can be abandonment SECTION 139


    >3/4 of the value is actually lost or would have to be spent to recover it from peril

    If the vessel is injured to such an extent as to reduce its value to >3/4

    When there can be abandonment SECTION 139


    If the thing is a ship, and the voyage cannot be performed without incurring either expense to the insured of >3/4 the value of the thing abandoned or a risk which a prudent man would not take under the circumstances If the thing is cargo or freightage, voyage cannot be performed, nor another ship be procured within a reasonable time and with reasonable diligence to forward the cargo, without incurring like expenses or risk >3/4 of the value of the vessel.

    Abandonment
    Neither partial nor conditional (140) Must be made within a reasonable time after receipt of reliable information of loss (141) If information on loss is incorrect or thing is restored and there is no total loss, abandonment is ineffectual (141)

    Abandonment
    It is made orally or in writing. If orally, written notice shall be submitted within 7 days from oral notice (143) Has the effect of transferring by the insured of his interest, to the insurer with all chances of recovery and indemnity (146)

    Abandonment
    On an accepted abandonment of ship:
    freightage earned before the loss belongs to the insurer of the freightage

    Freightage earned after the loss belngs to the insurer of the ship

    Abandonment
    If notice of abandonment is properly given, the rights of the insured are not prejudiced by refusal of insurer to accept abandonment (149) Acceptance of abandonment may be express or implied. Mere silence is acceptance (150)

    Abandonment
    If insurer refuses to accept valid abandonment, liable for actual total loss deducting any amount given to the insured. If insured fails to abandon, he an recover actual loss.

    Measure of Indemnity
    Valuation is conclusive between parties in determining total or partial loss EXCEPT if there is fraud (156) Marine insurer is liable for partial loss only for such proportion of the amount insured by him as the loss bears to the value of the whole interest.

    How to estimate loss in open policy (161)


    Value of the ship value at the beginning of risk including articles which adds to its value or to prepare it for the voyage

    How to estimate loss in open policy(161)


    Value of the cargo actual cost to insured when laden on board OR market value at the time and place of lading

    How to estimate loss in case of open policy (161)


    Value of the freightage is the gross freightage, exclusive of primage

    Cost of insurance shall be added to the estimated value

    LITIGATION OF CLAIMS

    244 in relation to 416


    when any single claim does not exceed P100,000 (excluding cost, interest and attorneys fees) concurrent jurisdiction of Insurance Commissioner and trial courts more than P100,000 Trial Courts

    244 in relation to 416


    IC or Court makes a finding as to whether there was unreasonable delay in payment of claims

    insurer must pay damages attorneys fees and other expenses and interest

    Unfair Settlement Practices (241)


    Knowingly misrepresenting to claimants pertinent facts or policy provisions relating to coverage at issue Failing to acknowledge with reasonable promptness pertinent communications with respect to claims arising under its policies

    Unfair Settlement Practices (241)


    Failing to adopt and implement reasonable standards for the prompt investigation of claims arising under its policies

    Unfair Settlement Practices (241)


    Not attempting in good faith to effectuate prompt, fair and equitable settlement of claims submitted in which liability has become reasonably clean; or

    Unfair Settlement Practices (241)


    Compelling policyholders to institute suit to recover amounts due under its policies by offering without justifiable reason substantially less than the amounts ultimately recovered in suits brought by them

    Powers of the Commissioner


    Administrative powers - can revoke licenses based on complaints grounded on unfair settlement practices decision of the Commission appealable to the Finance Secretary is

    Powers of the Commissioner


    Adjudicatory powers - claims more than P100,000 (excluding cost, attorneys fees and interest) decision is subject to motion for reconsideration within 15 days appealable to the Court of Appeals

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy