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    Chapter-VI: Classification of Insurance Non Life Insurance: Marine, Fire & Accident Insurance

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    asif khan
    The document discusses the classification of insurance into different categories. It describes how insurance can be classified by branch into types like marine, fire, and accident insurance, which cover losses at sea, from fire, and from various accidents respectively. It also discusses classification by subject matter, where policies cover specific interests or items regardless of the branch. The document provides examples of different policies under various insurance categories, including marine, fire, and accident insurance policies that insure items like ships' hulls and cargo or cover losses from perils such as fire or burglary.

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    Chapter-VI: Classification of Insurance Non Life Insurance: Marine, Fire & Accident Insurance

    Uploaded by

    asif khan
    86 views28 pages
    The document discusses the classification of insurance into different categories. It describes how insurance can be classified by branch into types like marine, fire, and accident insurance, which cover losses at sea, from fire, and from various accidents respectively. It also discusses classification by subject matter, where policies cover specific interests or items regardless of the branch. The document provides examples of different policies under various insurance categories, including marine, fire, and accident insurance policies that insure items like ships' hulls and cargo or cover losses from perils such as fire or burglary.

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    insurance

    Original Title

    Chapter VI

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    The document discusses the classification of insurance into different categories. It describes how insurance can be classified by branch into types like marine, fire, and accident insurance, which cover losses at sea, from fire, and from various accidents respectively. It also discusses classification by subject matter, where policies cover specific interests or items regardless of the branch. The document provides examples of different policies under various insurance categories, including marine, fire, and accident insurance policies that insure items like ships' hulls and cargo or cover losses from perils such as fire or burglary.

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    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    86 views28 pages

    Chapter-VI: Classification of Insurance Non Life Insurance: Marine, Fire & Accident Insurance

    Uploaded by

    asif khan
    The document discusses the classification of insurance into different categories. It describes how insurance can be classified by branch into types like marine, fire, and accident insurance, which cover losses at sea, from fire, and from various accidents respectively. It also discusses classification by subject matter, where policies cover specific interests or items regardless of the branch. The document provides examples of different policies under various insurance categories, including marine, fire, and accident insurance policies that insure items like ships' hulls and cargo or cover losses from perils such as fire or burglary.

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    © All Rights Reserved
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    of 28

    Chapter-VI

    Classification of Insurance
    Non life Insurance: Marine,
    Fire & Accident Insurance

    03/21/16

    Classification of Insurance
    Branch wise classification: various types of
    policies issued under each main branch of
    insurance. Such as: Marine, fire, life and
    accident.
    Subject matter wise classification: Various
    types of policies issued to cover a classified
    interest or subject matter, no matter of the
    branch or department under which these are
    issued.
    03/21/16

    Branch wise classification


    Page 58-60: READ ALL THE POINTS
    Glass insurance: Glass insurance is an insurance policy
    which will pay for the replacement of broken or damaged
    glass. While replacing glass might not seem very expensive to
    those who have never had to pay for it, glass can be extremely
    costly, especially in the case of specialty glass such as plate
    glass, UV-resistant glass, or double paned glass. Many
    insurance companies offer glass insurance to their customers,
    usually in the form of a rider attached to an existing insurance
    policy.
    Subject matter wise classification: Page 6061: READ ALL THE POINTS
    03/21/16

    Property Insurance
    Various types of policies in different branches will
    now be discussed:
    Marine Insurance: The policies primarily aim
    at providing protection in respect of loss,
    damage or destruction to the subject matter of
    insurance. Such as: hull, cargo and fright, caused
    by perils of the seas or maritime perils. Such
    perils are: Fire, Theft, Jettison, Collision,
    Contract, heavy weather, stranding/foundering ,
    sinking, other perils and war perils.
    03/21/16

    Stranding
    The term stranding is used for marine
    mammals (seals, dolphins, whales) and sea
    turtles that are found on the beach either dead
    or alive. Injury or death in seals can be
    attributed to: shark bites, parasites, respiratory
    ailments, or human inflicted causes such as net
    entanglement, vessel strike, toxic pollution and
    ingestion of plastics.
    03/21/16

    Subject matter of Insurance


    Hull: A hull is the watertight body of a ship or
    boat. Above the hull is the superstructure
    and/or deckhouse, where present. The line
    where the hull meets the water surface is
    called the waterline.
    It refers to the ship, that is to say, hull and
    machinery of the vessel. The ship is always at
    the risk of the perils of the seas and therefore
    the ship owner can insure it against probable
    losses as such.
    03/21/16

    Half-hull of the 46-gun ship of the line Tigre,


    build from 1724 in Toulon after plans by Blas
    Coulomb
    03/21/16

    Subject matter of Insurance


    Cargo: This refers to goods or merchandise
    that are being carried from one place to
    another or are being imported or exported.
    Such goods or merchandise may be damaged
    or lost while in course or transit and therefore
    the owner of such goods can always insure
    against the probable losses.

    03/21/16

    Subject matter of Insurance


    Freight: this is the consideration payable
    to the ship owner in respect of carriage
    of goods by the owners ship. Sometimes
    the freight is pre-paid when it is at the risks of
    the cargo owner, and sometimes the freight is
    after-paid when it is at the risk of the ship
    owner.
    Therefore
    depending
    on
    circumstances either the cargo owner or
    the ship owner will stand to lose the
    freight if the goods cannot reach
    destination safe and sound because of
    the
    operation
    of
    maritime
    perils.
    Insurance can be taken by the party
    having insurable interest.
    03/21/16

    Types of Marine Policies


    Time Policy: Duration of the policy
    cover. The time factor is important here.
    Read More.. Page 62-63
    Voyage Policy: Important factor here
    is the voyage and not the time. In
    order to validate a claim the loss must
    take place within or during the specified
    voyage.
    Mixed policy: Read the first
    paragraphit is virtually a mixture of
    both time policy and voyage policy.
    03/21/16

    10

    Difference between Time and


    Voyage policy and their
    problems
    Page 63.Discussion from Mixed
    policy

    03/21/16

    11

    Types of Marine Policies


    Floating policy: This type of policy is usually
    used for cargo insurance. In order to save the
    difficulties of merchants in effecting numbers
    of policies for each time of shipment, a
    floating policy may be issued for a round
    sum covering the numbers of anticipated
    shipments. OPEN COVER: usually for
    twelve months, is given to the insured
    indication that the insurers shall insure
    each and every shipment to e declared by
    the insured, as per terms and condition.
    03/21/16

    12

    Types of Marine Policies


    Building risk policy: These types of
    policies are issued in respect of ships
    whilst in the process of erection or
    building at dockyards.

    03/21/16

    13

    Fire Insurance
    All policies issued under the heading of fire
    insurance primarily aim at providing
    protection against financial losses arising
    out of the operation of fire or certain other
    specified perils. The subject matter of
    insurance are usually: Building, Furniture
    fixture and fittings, plant & machinery, Goods
    and Merchandise, stock of all kinds.
    03/21/16

    14

    Fire Insurance
    The scope of fire insurance may be
    considered under two broad heading:
    1. Material loss insurance &
    2. Consequential (major) loss
    insurance

    03/21/16

    15

    Material loss insurance


    1. Standard fire policy: This is the basic type of
    policy form used for almost all types of fire
    insurance covers. Page 65-66READ ALL THE
    POINTS
    2. Special perils insurance: Page 66
    3. Declaration policy: A declaration clause is usually
    attached to a standard fire policy. Considering the
    practical difficulties as to the application of the
    principles of indemnity, mostly in cases of stocks
    subjected to violent value fluctuation, such policies
    have been evolved.
    03/21/16

    16

    Material loss insurance


    4. Blanket policies: These policies are
    aimed at simplifying complex fire
    risks. Under this system, instead of
    specifying individual sums for each
    building and the plants, machineries and
    stocks therein, only one sum is
    specified for all building together
    and
    one
    for
    all
    plants
    and
    machineries and one sum for all
    stocks.
    03/21/16

    17

    Material loss insurance


    5. Reinstatement (replacement) policy: standard fire
    policy is used with the reinstatement clause attached.
    Difference between Standard fire policy and
    Reinstatement policy:
    under standard fire policy the loss is settled on the
    basis of market value immediately before the fire.
    Under Reinstatement clause, the loss is settled on
    the basis of cost of replacement of the damage
    property by new property.
    03/21/16

    18

    Material loss insurance


    6.Building in course of erection: these policies are
    usually issued to builders and contractors with
    regard to building, which are in the course of
    erection and not yet handed over to the owners.
    7.Households
    Policies:
    these
    are
    very
    comprehensive policies providing covers for a
    number of perils. Policies may be issued for
    building and contents. Perils covered are fire,
    burglary, special perils and liabilities of the
    insured.
    03/21/16

    19

    Material loss insurance


    Sprinkler leakage insurance:
    (Sprinkler: A device that sprays
    water)
    Sometimes these sprinklers
    themselves may pose as a peril and
    can cause substantial damage to
    property.

    03/21/16

    20

    Consequential loss
    insurance
    Also known as loss of profit insurance. No protection is

    afforded in respect of business loss or profit loss arising


    out of the interruption of the business due to material
    loss of the property.
    The purpose of loss of profit insurance is to provide
    protection to the insured in respect of such consequential
    losses arising out of material loss.
    This policy primarily aims at providing protection against
    loss of revenue or loss of earning during this inevitable
    period of interruption of the business caused by material
    loss due to fire.

    Covers provided: Page 68-69


    03/21/16

    21

    Accident Insurance
    Any policy that does not appropriately
    come under marine, fire or life shall come
    under accident department. The policies are:
    Burglary, Motor, Contractors all Risk,
    Engineering Insurance, Aviation insurance,
    Glass Insurance, Crop Insurance, Livestock
    Insurance and War risk Insurance.

    03/21/16

    22

    Accident Insurance
    1. Burglary Insurance: there are usually
    four types of policies coming within the
    scope of burglary insurance:
    a.Burglary (Business Premises) Insurance
    b.Burglary (Private dwelling) Insurance
    c.All Risks policy
    d.Cash in safe and transit
    READ THE DISCUSSION FROM BOOK
    03/21/16

    23

    Accident Insurance
    2. Motor Insurance: Motor vehicles are usually
    classified as Private cars, Commercial Vehicles,
    Motor Cycles, Agricultural Vehicles and Motor
    traders Vehicles.
    Policies:
    a. Comprehensive Policy
    b. Third Party Only Policy
    c. Act Liability Only Policy

    03/21/16

    24

    Accident Insurance
    3. Contractors All Risk: Normally the contract
    in between the principal and the contractor
    may require the contractor to take out policy of
    insurance to project the contract work from
    unexpected incidents.
    The policy may be in the name of the
    contractor alone or in the joint name of the
    contractor and principal.

    03/21/16

    25

    Accident Insurance
    4. Engineering Insurance
    5. Aviation Insurance
    6. Glass Insurance
    ALL THIS
    7. Crop Insurance
    POINTS, PAGE
    8. Live-Stock Insurance
    72-73
    03/21/16

    READ

    26

    War-Risk Insurance
    War is a peril, which substantially causes
    damages to properties of various
    descriptions.
    The company shall not be liable under this policy
    in respect of loss, damage or destruction caused
    by war, invasion, hostilities, act of foreign enemy,
    civil war, rebellion, revolution, insurrection,
    military or usurped power.

    03/21/16

    27

    Liability Insurance
    Marine: Protection and Indemnity Clubs of London
    Fire: No liability policy is issued as such in this
    department.
    Accident:
    1. Employers Liability Insurance
    2. Public Liability Insurance
    3. Professional Indemnity Insurance
    4. Motor Insurance
    5. Aviation Insurance
    Thank You
    03/21/16

    28

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