Types Of Risks Covered By Modern Marine Insurance

The marine insurance covers many risks. The types of risks covered by modern marine insurance are as follows:

1. Perils of the sea
Perils of sea means any type of incident of contingent accidents or casualties at the sea. In course of the voyage, the ship may be damaged due to sea storm, sea pirates, tsunami and accidents of any kind. These all risks are covered by marine insurance.

2. Fire
It is likely that fire may occur in the ship, when it is voyage.Inflammable items such as coal, oil, electricity and others are required in larger quantity for the operation of ship. Thus, fire may be included as risk in marine insurance.

3. Theft
The goods may be stolen during a sea voyage. Therefore, theft is one of the risks associated with the sea transportation. For the purpose of marine insurance, the thieves must not be the captain and his crew themselves or the people traveling by the ship. They must be outsiders, who use force for stealing goods.

4. War risks
The shipping companies may have to face many risks during the war period. There may exist a risk of loss of ship, cargo and freight due to attacks and counter defensive operations. War risks are insurable in marine insurance.

5. Land risk
Marine insurance indemnifies the subject-matter (cargo) of the parties right from the godown of the exporting country to the godown of the importing country against any risk of loss. The risks of loss associated with other means of transportation such as railways, roadways and others, warehouses, ports of both the countries and others are included and covered under marine insurance.

6. Jettison
Jettison means throwing overboard a part of cargo or any other goods in order to reduce the weight in the ship. Some of the cargo is deliberately thrown away with the object of preventing the ship from further damage. Loss caused by this method is one kind of marine risk and it can be covered under the marine insurance policy.


chintamreddy said...

Breakdown Inspection of Material during Yacht repair Inspection.
There are different types of materials used in structures and how structures are put together to resist the forces. All of the above has been based on the supposition that the materials remain and function in accordance with their normal properties. However, in practice all materials are subject to degradation over time from a variety of different sources. some examples of materials used for yachts noted in their several years of experience by constellation marine inspectors are as under:-
Wood and dhows Repair Inspection.
Timber that has been well seasoned and that is kept in a uniform state of moisture (neither too wet nor too dry) when properly ventilated will remain stable and with no significant degradation for many hundreds of years. However, as a naturally occurring material, wood has naturally occurring enemies which come in the form of fungus (mould), worms and beetles which need to be inspected carefully.
Common Rot noticed by constellation marine surveyors during detailed Yacht/Boat condition inspection and surveys.
This is manifested by the presence of external yellow spots on the ends of the timber and is often accompanied by yellowish dust especially where the pieces of timber are in contact. The main cause is poor ventilation of the timber.
What is Wet Rot and how significant is it to be noticed during Yacht repair inspection?
Moisture, especially in the presence of warmth, will dissolve out some of the constituents of the cell walls and thereby cause decay. However, timber kept constantly immersed in water may soften but does not, in general, decay. It is the cyclical nature of wetting and drying that does the damage.
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