#marine insurance

[trishagada]

Demystifying Professional Liability Insurance: Safeguarding Your Career with Confidence

In this comprehensive guide, we delve into the intricacies of professional liability insurance, offering insights tailored to professionals across various industries. Whether you're a healthcare provider, consultant, or freelancer, learn how to protect yourself from potential lawsuits, navigate coverage options, and ensure peace of mind in your career journey. Join us as we unravel the complexities of professional liability insurance and empower you to make informed decisions to safeguard your professional reputation and financial security.

[hiralsha]

Your Guide to Marine Insurance: Types of Marine Insurance Policy

Marine insurance is a type of insurance that provides coverage for ships, cargo, and other marine-related risks. It offers coverage for the loss or damage of ships, cargo, and terminals during transportation by sea, as well as other damages that can occur during marine operations. 

Why is marine insurance important for businesses?

Marine activities involve inherent risks, including accidents, natural disasters, theft, and liability claims. 

Deal with financial losses: It provides compensation for damages or losses to vessels, cargo, or goods in transit, reducing the financial burden on businesses and individuals.

Comply with contractual requirements: Many contracts and agreements, especially those involving international trade, necessitate marine insurance as a condition.

Ensure business continuity: Marine liability insurance ensures that businesses can recover and resume operations swiftly after a loss, minimising disruption and maintaining profitability.

Legal requirements: In many cases, marine insurance is a legal requirement. In certain countries, ships must have insurance coverage before entering their ports.

 Types of Marine Insurance Policy

Marine Cargo Insurance

Marine cargo insurance protects cargo owners from financial losses due to mishandling, damage, loss, or misplacement of their goods during transportation. It is obtained by paying a premium and covers third-party liability for any damage caused by the cargo to the port, ship, railway track, other cargo, or individuals.

Covers loss or damage to goods during transportation by sea, air, or land

Provides coverage for risks such as theft, fire, accidents, and natural disasters

Offers financial protection to importers, exporters, and logistics companies

Ensures the value of goods in transit is safeguarded

Minimises financial losses by compensating for damaged or lost cargo

Hull and Machinery Insurance

Hull insurance protects ship owners by covering the main supporting structure of a vessel in the event of a ship disaster. It is commonly used by ship owners and can be complemented by machinery insurance, which provides coverage for operational, mechanical, and electrical damage to the ship's machinery. Together, they are issued as Hull and Machinery Insurance.

Protects the vessel itself, including its hull, machinery, and equipment

Covers risks like collisions, grounding, sinking, and malicious acts

Safeguards the substantial investment in the vessel

Provides financial security for shipowners, operators, and charterers

Ensures operational continuity by covering repair costs for vessel damages

Freight Insurance

Freight insurance protects shipping businesses from liability in the event of lost or damaged goods or a lost ship. It provides compensation to the business for their financial loss, ensuring they are not held accountable for such incidents.

Protects freight forwarders or carriers against financial losses

Covers the freight charges associated with lost or damaged cargo during transit

Provides financial security for freight forwarders and carriers

Minimises financial losses resulting from non-delivery or damage to goods

Ensures the financial stability of freight forwarders and carriers

Provides reassurance to businesses and customers regarding the safe delivery of goods

Marine insurance is a crucial aspect of protecting your business and assets involved in maritime activities. Liberty General Insurance offers comprehensive marine liability insurance policies that cater to the diverse needs of businesses and individuals. 

Explore Liberty General’s marine insurance policies to secure your future, protect your business from potential risks, and ensure financial stability. Safeguard your marine operations with reliable and comprehensive marine liability insurance policies.

[maritimeinsuranceinternational]

Maritime Insurance International is the premier provider of boat, yacht, & marine insurance. Our deeply experienced maritime insurance professionals offer comprehensive coverage options from top-rated carriers. Get competitive rates with just one call and an elevated level of personal service to our valued customers. Whether the water inspires your passion or is central to your profession, you can trust Maritime Insurance International to meet all of your marine insurance needs. If you’re looking for the best possible coverage at the most affordable rate, then you are on the right page. With 11 marine insurance agents, we can provide multiple quotes from A Rated Carriers and walk you through the differences of the coverages being offered. We want our clients to make informed decisions and understand both the price and value of the policy they are selecting. Our goal is for our clients to continue to be in the best position year after year.

[maritimecyprus]

IUMI Stats report 2023 - Analysis of the global marine insurance market

[northstarinsurance-blog]

Comprehensive Marine Insurance in Ontario | Get a Boat Insurance Quote

Protect your boat and enjoy worry-free boating in Ontario with North Star Insurance. Our marine insurance policies are tailored to your needs. Get a boat insurance quote today! https://www.northstarinsurance.ca/

[moneymarche3]

[trishagada]

Comprehensive Guide to Liability Insurance Coverage

 Discover the in-depth insights into liability insurance coverage, its diverse types, and the comprehensive protection it offers against legal and financial liabilities. Gain a profound understanding of liability insurance to make well-informed choices for your financial security and peace of mind.

[dgnotetechnologies]

A Guide to marine cargo insurance: What it is and Why it is Important

You must have heard about the cargo ship, Dyros. Rough weather forced a dramatic route change and the loss of around 90 containers on March 21, 2022. Also, the container carrier Rena broke and sank in 2011. Another story was that of MSC ARIES. On February 2, 2021, the containership lost part of her cargo, around 41 empty containers. The above incidents highlight how costs can escalate and affect shipping companies. When things get difficult at sea, the prospect of successfully salvaging the situation is anything but simple. As a shipping company, you must comply with regulations, manage risks, and maintain financial security.   Marine cargo insurance is a type of insurance that provides coverage for goods that are being transported by sea. It's important essential for you businesses that import or export goods to have this type of insurance in place, as there are many risks involved in shipping cargo over long distances. In this blog, we'll take a closer look at what marine cargo insurance is, why it's important, and how it works.

What is Marine Cargo Insurance?

Marine cargo insurance is a type of insurance policy that provides coverage for covers cargo that is being transported by sea. It covers the loss or damage of cargo from any external cause, such as theft, fire, or a natural disaster. The policy can be Policies are customized to meet the shipper’s specific needs of the shipper and can cover everything from the cost of the goods to the cost of transportation.

Why is Marine Cargo Insurance Important?

Cargo with respect to shipping, are exposed to various types of risks. Uncontrollable external factors bring significant loss to a business. So, opting for preventive measures before the cargo is damaged is a prerequisite for companies that ship frequently.  Marine cargo insurance is important for several reasons. What marine insurance covers? First, it protects the shipper from financial loss in the event that the cargo is lost or damaged during transport. Without this This type of insurance,  is required for the shipper would to be responsible for bearing the cost of any loss any loss or damage to the cargo, which could be very expensive.

Second, marine cargo insurance helps to manage risk. Shipping cargo by sea involves many risks, including the risk of piracy, natural disasters, and accidents. By having With insurance in place, shippers can transfer some of this risk to an insurer, which can help to mitigate the financial impact of any loss or damage.

Third, marine cargo insurance is often a requirement for businesses that import or export goods. Many countries require shippers to have insurance in place before importing or exporting they can import or export goods, and failing to comply with these requirements can result in delays or penalties.

How Does Marine Cargo Insurance Work?

Marine cargo insurance works by providing coverage for cargo that is being transported by sea. The policy can be customized to meet the specific needs of the shipper and can cover everything from the cost of the goods to the cost of transportation.

When a shipper purchases marine cargo insurance, they pay a premium to the insurer. In exchange, the insurer agrees to provide coverage for the cargo during transport. If the cargo is lost or damaged during transport, the shipper can file a claim with the insurer to recoup their losses.

Considerations for Marine Cargo Insurance

Understand Policy Coverage: Before selecting a marine cargo insurance policy, it is crucial to carefully review the terms and conditions. Reviewing the terms and conditions before selecting a marine cargo insurance policy is crucial. Understand what is covered, excluded, and any limitations or deductibles that may apply. Seek clarification from the insurer if needed to ensure the policy aligns with your specific cargo requirements.

Evaluate the Insurer: Choose a reputable insurance provider with expertise in marine cargo insurance. Look for a company with a strong financial standing, a track record of prompt claims settlement, and excellent customer service. Engaging a knowledgeable insurance broker can also help navigate the complex insurance landscape.

Assess Cargo Value: Accurately assess the value of your cargo to determine the appropriate insurance coverage. Under insuring can result in insufficient compensation in the event of loss or damage while over insuring may lead to unnecessary costs. Work closely with your insurer or broker to establish the correct insured value.

Understand Liability Limits: Familiarize yourself with the liability limits of the carrier responsible for transporting your goods. These limits may be set by international conventions or incorporated into the carrier's terms and conditions. Additional insurance coverage may be necessary Iif the carrier's liability is not insufficient to cover potential losses., additional insurance coverage may be necessary.

Marine insurance is a vital component of international trade, providing protection and risk mitigation for businesses involved in transporting goods across the globe. By understanding the importance of marine cargo insurance and carefully selecting the appropriate coverage, companies can safeguard their cargo, comply with regulations, build trust with partners, and navigate the complexities of the shipping industry with confidence. Investing in marine cargo insurance is not just a prudent business decision but an essential aspect of responsible global trade.

DgNote - Discover the benefits of partnering with us for Marine Cargo Insurance.

Many companies out there offer cargo insurance. But DgNote's platform provides a variety of flexible policies based on your requirements. Also, all your standard commodities are covered against damage while your goods are in transit. With insurance experts to guide you through the process, we help you navigate the complicated rules and regulations to resolve claims quickly.

Prevention is better than cure

So, for any queries about marine policy, contact us!

[bzalma]

Strict Compliance With Warranty Required                                                                                                                    

Promissory Warranty Must Be Fulfilled

Barry Zalma Aug 14, 2023

Read the full article at https://lnkd.in/gam6Eshm; se the full video at https://lnkd.in/gxhepeXV and at https://lnkd.in/gcxTvJtf and at https://zalma.com/blog plus more than 4550 posts.

Ralph Young owned and lived on a seventy-four-foot motor operated vessel named the SUMMER STAR (“the vessel”). Mr. Young insured the vessel with Yachtinsure Services, Inc. from 2013 through 2019. On August 28, 2019, the vessel ran aground and was destroyed when Hurricane Dorian hit St. Thomas in the United States Virgin Islands, where the vessel was moored. Yachtinsure rejected the abandonment and denied Mr. Young’s claim, based on what it considered his material misrepresentations in his April 2019 policy renewal application.

As a result the USDC was asked to resolve an issue of the voidability of a marine insurance policy under principles of federal maritime law. The Insured pursued a claim for breach of contract against the Insurer, based on the insurer’s refusal to pay for damage sustained by Plaintiff’s insured vessel during a hurricane in August of 2019.

In Transpac Marine, LLC v. Yachtinsure Services, Inc., Civil Action No. 20-10115-DPW, United States District Court, D. Massachusetts (February 13, 2023) followed the precedent establishing the inviolability of a promissory warranty.

BACKGROUND

Yachtinsure asserts counterclaims for declaratory judgment seeking judgment that Mr. Young’s insurance policy was void as a matter of law and that Yachtinsure had no obligation to pay damages or the benefits promised by the policy.

Mr. Young’s Renewal Application

On April 16, 2019, Mr. Young applied for the renewal of his marine insurance policy to Yachtinsure to renew his existing policy, Mr. Young was obligated to submit an updated application form and a Hurricane Plan for review by Yachtinsure’s underwriters.

The Hurricane Plan included a warranty by Mr. Young that the vessel will be secured with “10 lines, 3/4 inch Nylon braid.” The applicant was warned that the Hurricane Plan contains “statements upon which underwriters will rely in deciding to accept this insurance” and that the Hurricane Plan “will form the basis of” any insurance contract between the parties. The declaration also stated that misrepresentation or nondisclosure of material facts “may entitle underwriters to void the insurance.”

After an inquiry from the insurer Mr. Young confirmed that in the event of a named/numbered storm, mooring lines will be doubled. Mr. Young’s email representation that he would double the mooring lines on the vessel in the event of a named windstorm was incorporated into his policy agreement with Yachtinsure.

Events Preceding the Destruction of the Vessel

During an examination under oath conducted by Yachtinsure Mr. Young testified he decided to sail to Crown Bay in St. Thomas, U.S. Virgin Islands where the storm was expected to pass with windspeeds below thirty-miles-per-hour. Mr. Young resolved to wait out the storm. On August 26, he purchased two, new, one-inch diameter mooring lines from the local chandlery in preparation for the storm. Beyond securing the vessel with those two additional mooring lines and moving upholstery below deck, Mr. Young made no further safety preparations. On August 28, 2019, the storm, by then named Hurricane Dorian, changed its trajectory and struck the Virgin Islands. By the time he learned that the storm would hit the Virgin Islands Mr. Young determined sailing away from the Virgin Islands to be unsafe. Instead, he decided to remain moored to a single mooring in Crown Bay, secured by six lines, four of unspecified diameter and two of a one-inch diameter.

Just after noon, high winds from Hurricane Dorian parted Mr. Young’s mooring lines, causing the vessel to drift out to sea. However, the anchor’s chain became entangled with a sailboat operated by a third-party mariner, Dan Radulewicz. Thereafter, as alleged, Mr. Radulewicz disconnected Mr. Young’s anchor gear causing the SUMMER STAR to be swept up in the storm. The vessel eventually ran aground on the lee shore about four miles from Crown Bay. Mr. Young was airlifted from the wreck by the United States Coast Guard. Plaintiff’s Claim and Defendant’s Denial

Mr. Young filed a claim declaration with Yachtinsure on September 3, 2019.

DISCUSSION

The Supreme Court held in Norfolk S. Ry. Co. v. Kirby, that “federal law controls the contract interpretation” of a marine insurance policy when the contractual dispute at issue “is not inherently local,” observe that the First Circuit has held that there is a judicially established federal rule governing the particular area of marine insurance contract interpretation relevant: whether an insured’s representations in the policy constitute unambiguous, promissory warranties which, if breached, excuse the insurer from coverage.

The court found the Hurricane Plan to be unambiguous. The plain language of Mr. Young’s answer to Question 15 cannot be reasonably read to convey anything other than that Mr. Young would use ten lines of 3/4 inch Nylon braid to secure the vessel. Mr. Young’s response to Question 15 of the Hurricane Plan states unambiguously that he will secure the vessel with the configuration of mooring lines he specified in his response.

Mr. Young responded to the Hurricane Plan with what is, in essence, a stipulation that he would secure the SUMMER STAR with the mooring configuration he identified when the policy took effect and during its continuance. Thus, this provision of the Hurricane Plan constitutes an unambiguous promissory warranty to secure the SUMMER STAR with ten nylon mooring lines that were 3/4 inch diameter in normal circumstances (i.e., in the absence of a named or numbered storm) and with 20 in a named and numbered storm.

Consequences of Breach of Promissory Warranties

Under both federal law and New York law, a breach of a promissory warranty will permit the insurer to void a marine insurance contract. Simply material compliance will not satisfy the insured’s obligations. The weight of authority holds this strict compliance requirement applicable even to “collateral” warranties unrelated to the insured’s claims for damages.

Plaintiff’s Breach

The court concluded that Yachtinsure established beyond reasonable factual dispute that Mr. Young failed to meet his obligation of strict compliance with his warranties under the Hurricane Plan.

Mr. Young’s admission that he did not use twenty 3/4 inch nylon braid lines to secure his boat during Hurricane Dorian – and thereby satisfy a prophylactic condition the policy called for – is sufficient to prevent him from recovering under the policy.

Summary judgment granted to Yachtinsure.

(c) 2023 Barry Zalma & ClaimSchool, Inc.

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[first-policy]

Property Insurance Innovations in India: Adapting to Changing Risk Landscapes

The marine insurance in india sector is experiencing a boom in growth, and it is predicted its size because of expanding information on insurance and a rise in income levels. One of the most critical types of insurance in India is property insurance, which covers damage and loss on a person’s property through fire, theft, or any other natural calamity. This blog will focus on the new developments in the Indian property insurance sector and ways in which companies adapt to dynamic risk environments.

Accurate evaluation of risk management services for a particular property is among the main issues inherent to property insurance. Insurers would normally do a manual inspection of a property and survey in order to determine its level of riskiness. Nevertheless, the emergence of technology has enabled them to make reliable decisions on the risk involved in a particular property through the use of advanced analytical programs and machine-learning algorithms.

As a result, companies have invented new products, including parametric insurance protecting against specified risks like floods, earthquakes and hurricanes. The other advancement in property insurance is the use of drones as inspection apparatuses. Drones can take high-definition pictures and videos about a property on the part of the insurer, giving him insight into its conditions. This has resulted in a speedy evaluation of a property which has been prone to risk and efficient claims processing as well as settlements.

The information generated from this study can be utilised in measuring the risk of individual property and customising insurance designed for each property’s particular needs.

Besides these innovations, the insurers use the blockchain for more transparent and safe property insurance products. This way, an accurate assessment of risk for employee benefit insurance associated with a particular property can be made. In addition, it can also assist in automated claims processing and settlement, which is a quicker method of dealing with claims.

The insurers apply artificial intelligence (AI) and machine learning algorithms to improve their property insurance products. The insurers may use AI to analyze masses of information concerning the state of the property for purposes of giving the insured knowledge of the risk profiles of the property. It is also worth noting that this will enable the insurers to design their specialized programs based on these distinctive needs arising from a particular property.

Therefore, when talking about risk management services, in the end, property insurance serves as a vital aspect of protecting people and organizations from losing money in the absence of any expectations. Technology has created opportunities for insurers to adapt their operations to accommodate the current dynamic risk environments and come up with new products.

Using technology such as parametric insurance, drones, and IoT devices, insurers are able to develop improved property insurance products. However, there are many indications of further developments as far as commercial insurance products like property insurance are concerned in the Indian insurance market, which will continue to be useful in protecting individual and business property against losses in future.

[ambitiousbaba]

Marine Paper Questions asked in Para 13.2 Exam : 5 November 2022 Exam

Para 13.2 Exam 2022 Questions Asked In Marine Subject: 5 November 2022 Exam As we all know that IBPS conducted Para 13.2 exam for Assistant every year for promotion in insurance sector. So here we are proving the Questions Asked in Marine Subject  2022 exam. You can Check the Marine Questions Asked in para 13.2 exam 2022. The Para 13.2 previous year Technical Paper (Paper 1) Questions  will help…