owner of a ship or cargo for complete or partial loss at sea. Essential elements of Marine Insurance Contract . It is based on the principle of indemnity . The contract is based on utmost good faith.
. The insurable interest must exist at the time of loss. . The principle proximate cause will apply to marine loss only.
Types of Marine Insurance Policies The three different types of marine insurance policies are: . Hull or Ship Insurance: When a ship is insured against any type of danger, it is known as hull insurance. This policy is taken to indemnify the insured for losses caused by damage to ship. .
Cargo Insurance: When a marine insurance policy is taken by the cargo owner to be compensated for loss caused to his cargo during the Voyage, it is known as cargo insurance. The cargo to be transported by ship is subject to many risks, like risk of theft, loss of goods in voyage, etc. . Freight Insurance: When a marine insurance policy is taken to guard against non-recovery of freight, it is known as freight insurance.
The shipping company is mainly interested in freight, which it gets either in advance or on the arrival of goods. However, it will not get the freight, if the goods are lost during transit. So, to insure the freight, it takes freight insurance. A contract of marine insurance covers the ship, cargo and the freight.
(c) Health Insurance In mid ’s, most of the hospitals in India were government owned and treatment was free of cost. With the advent of Private Medical Care, the need for Health Insurance was felt and various Insurance Companies introduced Health Insurance as a Product. Presently the health insurance exists primarily in the form of ‘Mediclaim policy’. Health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed upon price (premium).Disability resulting from illness or accident may be peril to family because it not only cuts off income but also creates large medical expenses.