Public liability exclusion of risks insurable in the marine and aviation markets. The exclusion is of liability arising out of the ownership, possession or use by by the insured of aircraft, hovercraft or watercraft other than barges, motor launches and non-powered craft used on inland waterways. The ownership or use of small craft is not excluded. Also the insurer modifies the exclusion so that any contingent or vicarious liability associated with craft not owned or operated by the insured is covered.
Insurance Encyclopedia
Marine cargo certificate of insurance
Evidence that an individual consignment is insured. Banks will only discount the bills of exchange on production of this certificate.
Marine Cargo General Average
This is an extraordinary sacrifice or expenditure voluntarily and reasonably made at the time of common peril. All interests have to contribute to General Average. So far as cargo is concerned, the position is as follows: If cargo is sacrificed, the owners of cargo can claim directly from their Insurers for the loss. The owners of cargo saved can claim directly, from their Insurers, for their liability to “contribute” for general average losses.Both the above are subject to the cause of general average being an insured peril.
Marine Cargo Insurance
This involves insurance of goods in transit from one place to another by way of means of transport through sea, air, rail, road, inland waterways, registered post parcels and couriers and even on back of the animal or human being. The guiding principles is that the transit should be under a “Contract of Affreightment,” which means the transporter needs to issue a document to the consignor confirming receipt of goods for transit and assurance of a safe delivery at the named destination. The consideration for this contract is the amount of freight which is payable. Examples of documents of affreightment would be Bills of Lading, Airway Bills, Lorry Receipts and Railway Receipts.
Marine clause
A fire insurance clause excluding property which is insured or would but for the existence of the fire policy be insured by a marine policy except for any excess beyond the amount which would be paid by a marine policy.
Marine Clause for Fire Insurance
The condition relieves Insurers of any liability for loss which is also recoverable under a Marine Insurance Policy.
Marine DSU (Delayed Start-up)
This is insurance of loss of profits and fixed expenses, viz., standing charges. DSU covers are always given in conjunction with marine cargo insurance where project materials are in transit. If there is a loss to the cargo during transit, which results in the project period getting extended beyond the schedule date of completion, DSU Insurance would compensate the assured for the profits which would have been earned had the project been completed on schedule and the fixed expenses which have to be incurred whether the project is completed or not.
Marine Duty Insurance / Customs Duty Insurance
The Insurance is on increased value of cargo by reason of payment of customs duty at destination and is subject to the same clauses and conditions as the Insurance on cargo and pays the same percentage of loss as may be paid thereon. In ascertaining the amount of claim recoverable under the Duty Policy, credit shall be given for any rebates or refund of duty which may become allowable. Claims are payable on the basis of actual duty paid or on the basis of the sum insured, whichever is loss. The sum insured for duty shall be adjusted on the basis of actual assessed duty and the Policy shall be one of pure indemnity and not an agreed value Policy.
Marine extension clause (MEC)
Cargo policy clause extending the warehouse to warehouse clause. It provides continuous cover during any deviation, delay, reshipment, trans-shipment or other interruption in the course of transit beyond the control of the insured. The policy is extended during the delay but does not add delay as an insured peril.
Marine Extraneous Risks
Losses arising very frequently caused by (a) theft, pilferage and/or non-delivery (b) fresh water and rain water damage (c) damage by hooks, oils, mud, acid and other extraneous substances (d) heating and sweating and (e) damage by other cargo and the assured may require cover against these so-called “extraneous risks. “ICC (B) & (C) may be extended to include these risks.