DOCSLIB.ORG

What Is Marine Cargo Insurance?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
What Is Marine Cargo Insurance? Trade Risk Guaranty Presents WHAT IS CARGO INSURANCE? The Basics WHAT IS CARGO INSURANCE? | THE BASICS TABLE OF CONTENTS History of Marine Cargo Insurance 3 What is Marine Cargo Insurance? 5 Types of Marine Cargo Insurance 7 All Risk – A Clauses 8 Named Perils – B/C Clauses 10 Types of Marine Cargo Insurance Premium 11 Adjustments Open (Rated) 12 Flat Annual 13 Types of Marine Cargo Insurance Risk 14 Management Options Shipment-by-Shipment 15 CIF 16 Annual 17 Carrier Limit of Liability 18 General Average 19 About Trade Risk Guaranty 21 2 HISTORY OF MARINE CARGO INSURANCE 3000 B.C. Marine cargo insurance has existed in various forms dating back to 3000 BC. The earliest record of cargo insurance is referred to as "bottomry." Bottomry is the advance of money on the security of a vessel to protect against the loss of cargo and was usually set at 20 percent. Bottomry protected traders from debt in the event that cargo was lost. 500 A.D. A marine insurance term that can be traced back to ancient times is General Average. Greek, Phoenician, and Indian traders said, "Let that which has been jettisoned on behalf of all be restored by the contribution of all." and "A collection of the contributions for jettison shall be made when the ship is saved." Justinian, the Eastern Roman emperor, included the following regarding General Average: "When a ship is sunk or wrecked, whatever of his property each owner may have saved, he shall keep it for himself." This concept was widely used throughout the early civilizations. 1000 A.D. The next significant development in marine insurance took place in Europe around the 11th and 12th centuries. Danish navigators began forming guilds whose role was to reimburse its members against losses at sea. Around the same time, the first use of premiums in marine insurance occurred. Lombardy, Venice, and Florence were the centers of Mediterranean trade where written records began to emerge. 1384 A.D. The first recorded marine policy issued was on a vessel named Santa Clara. It was dated April 24, 1384, and covered four bales of textiles being shipped from Pisa to Savona. The Lombards brought these basic concepts of marine insurance to northern Europe and England in the 13th Century. 3 HISTORY OF MARINE CARGO INSURANCE 1688 A.D. By the 17th Century, London and the Lloyd's of London Association had developed into a leading center for marine insurance. Lloyd's of London traces its roots to a coffee shop founded by Samuel Lloyd in 1688. This coffee shop was favored as a meeting place for insurance business transactions among underwriters and merchants. By 1734, the official list of vessels and values known as the "Lloyd's List" was first published. 1769 A.D. In 1769, underwriters took their informal arrangement and founded the organization we know today as Lloyd's of London. Ten years later, the first standard policy wording was developed for use at Lloyd's. Lloyd's of London continues to serve as the leading shipping list in the marine insurance industry. It is still acknowledged as the most significant meeting place for underwriters and shippers to facilitate marine insurance business. 1906 A.D. In 1906, the British Parliament enacted the Marine Insurance Act. The Marine Insurance Act of 1906 was implemented to regulate marine insurance. This legislation continues to influence marine insurance policy wordings and conditions to this day. The Act applies to ship and cargo marine insurance as well as protection and indemnity insurance. The Marine Insurance Act of 1906 was written by Sir Mackenzie Dalzell Chalmers, who created the Sale of Goods Act 1893. The Marine Insurance Act of 1906 is highly influential. This Act governs not just English Law, but it also dominates marine insurance worldwide through its wholesale adoption by other jurisdictions. 4 WHAT IS MARINE CARGO INSURANCE? Marine cargo insurance covers the loss, damage, or theft of commodities while in transit between the point of origin and final destination. This is also known as shipping insurance or freight insurance. This insurance is one of the most essential branches of insurance and an indispensable aid to international trade. Marine cargo insurance is a type of property insurance that insures property while in transit against physical loss or damage arising from perils associated with the navigation of the sea, air, land, and/or inland waterways. Therefore, a marine cargo insurance policy may be written to include not only goods to be shipped via ocean but also goods to be shipped via air, truck, or rail, including international, domestic or inland transit, warehouse coverage, and more. Air Freight Warehouse Truck Ocean Rail Marine Cargo Insurance covers more than ocean shipments. 5 WHAT IS MARINE CARGO INSURANCE? Approximate amount of containers lost at sea each year The primary purpose of (not counting catastrophic events) marine cargo insurance is to protect companies from suffering lost revenue. 350 Since loss or damage to a shipment can ruin a company's bottom line, Approximate amount of purchasing additional containers lost at sea each year freight coverage can mean (counting catastrophic events) the difference between growing a company and shutting its doors. 675 Protecting business investments with Marine Cargo Insurance will help a The number of containers lost in a company move forward. catastrophic event can vary greatly from 50 to several hundred. Marine cargo insurance covers maritime perils, which can differ coverage-wise from policy to policy. Maritime perils are perils consequent on or incidental to the carriage of property by the sea. This includes sinking, stranding, collisions, fire, war perils, pirates, thieves, capture, jettison, washing overboard, and other similar perils designated by the policy. There are different types of marine cargo insurance coverage and policies for businesses to consider. Marine cargo policies are customizable to fit the needs of any company, and we will discuss the specifics of each kind. 6 WHAT IS CARGO INSURANCE? | THE BASICS TYPES OF MARINE CARGO INSURANCE COVERAGE There is a wide variety of marine cargo insurance coverage options available. Importers should be familiar with the two primary types that exist in order to decide what kind of coverage is right for them. The two main types of cargo insurance coverage an importer can purchase to protect their goods while in transit are All-Risk and Named Perils. If an importer does not purchase cargo insurance, they are only covered by carrier limit of liability. 7 ALL-RISK COVERAGE INSTITUTE CARGO CLAUSE A All-risk policies provide the broadest and most comprehensive coverage available. Rather than only covering certain situations, all-risk coverage will cover all physical loss or damage due to a fortuity which is chance or happenstance unless the cause of loss or damage is expressly excluded from the policy. All Risk coverage is an Institute Cargo Clause A. Trade Risk Guaranty aims to offer all-risk terms since it provides the most comprehensive coverage. Benefits of an annual all-risk cargo insurance policy include: While goods are in transit, an importer's maximum financial loss is limited to their deductible. Asset protection General Average guarantee Control over claims Customized coverage & pricing Local representation Automatic & continuous coverage It's cost-effective 8 ALL-RISK COVERAGE INSTITUTE CARGO CLAUSE A An all-risk policy will list any exclusions that are not covered, but coverage for certain exclusions can sometimes be added as an additional clause. The following are some standard exclusions for All-Risk Marine Insurance coverage: Inherent This refers to the deterioration of physical objects because of the fundamental instability of the Vice components of which they are made, as opposed to deterioration caused by external forces. For example, fruits and chemicals naturally deteriorate without the influence of detrimental outside forces. Negligence Negligence is the failure to use reasonable care resulting in damage or injury to the imported commodities. For example, shipping time-sensitive goods into a known congested port. WSRCC This stands for 'War, strikes, riots, and civil commotions.' An ordinary marine insurance policy does not cover loss due to these conditions, but is almost always added back to the policy by insurers Loss of Use/ If the cargo is damaged and this results in the loss of profits from those goods, insurance will only Market cover the cost of the goods and not the potential profits. If the importer ordered goods for a specific event or customer and delay causes the goods to no longer be wanted, they can’t claim the lost sale. Failure to Pay/ If the client fails to pay during any point in the supply chain resulting in any loss of goods, the marine Collect insurance will not cover the loss. Loss Over If a loss exceeds the maximum per conveyance limit, it will not be covered. Marine insurance policies Policy Limit will only cover up to the limit. An insufficient limit can also lead to a penalty on the claim. Policyholder This refers to any loss, damage, or expense attributable to willful misconduct of the insured. For Misconduct example, the importer could purposefully ship goods set to expire before arrival for the purpose of seeking a claim. Wear and Tear Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear are generally excluded from all-risk policies. Insufficient This refers to any loss, damage, or expense caused by insufficient or unsuitable packing only when Packaging packed by the insured. Delay Loss, damage, or expense proximately caused by delay is generally excluded from an all-risk policy. Carrier This refers to loss, damage, or expense arising from insolvency or financial default of the owners, Insolvency managers, charterers, or operators of the vessel.
Load more

Recommended publications
  • Ocean Cargo Your Clients Move Goods Across the Globe. We Can
    Your clients move goods across the globe. We can help you keep their coverage close to home. Ocean Cargo Contact Houston Business Insurance Agency, Inc. to learn more about CNA's coverage for overwater operations. HOUSTON BUSINESS INSURANCE AGENCY, INC. Dominique Renaud P.O. Box 541129 Houston, Texas 77254 Phone: 713.979.1001 Email: [email protected] www.houstonbusinessinsurance.com As the world economy expands, so does your opportunity to Cargo Insurance — grow your Cargo book of business with CNA. Today, even the Delivered to Your smallest businesses rely on importing or exporting goods. More than likely, your agency already serves many clients that have Nearest Port Cargo insurance needs. Do your clients: • Sell goods over the Internet? Ocean Cargo • Import or export raw materials or finished products? • Manufacture or sell finished goods overseas? • Store products in an overseas warehouse? • Participate in overseas exhibitions? If your answer is yes, you have found a Cargo opportunity. Cargo coverage from CNA can provide your clients the protection they need without wasting your precious resources on administration and servicing. CNA makes it easy for you with: • Underwriting expertise — As one of the oldest marine insurers in the world, CNA has the experience and expertise of specialized underwriters in local branch offices. • Worldwide claim network — CNA has a worldwide network of claim professionals, as well as independent adjusters and surveyors. • Recovery and subrogation services — CNA collects from parties responsible for the loss and credits your client’s loss history to keep their insurance costs down. • Internet reporting and certificate issuance — CNA makes it easy for your clients to create insurance certificates, report shipment declarations and manage their cargo insurance through CNACargo.com.
    [Show full text]
  • Using Export Companies to Expand Cooperatives' Foreign Sales
    United States Department of Agriculture Using Export Companies Agricultural Cooperative Service to Expand Cooperatives’ ACS Research Report Number 52 Foreign Sales Using Export Companies to Expand Cooperatives’ Foreign Sales Arvin R. Bunker Tracey L. Kennedy Agricultural Economists Cooperative Marketing and Purchasing Division Agricultural Cooperative Service U.S. Department of Agriculture Washington, D.C. 20250 Abstract Many agricultural cooperatives can expand foreign sales by using export management companies (EMC’s). Small cooperatives may find foreign markets too costly and time consuming to penetrate without EMC help. Larger cooperatives may use EMC’s for sales in selected foreign markets or to enhance sales of particular products. Services offered by EMC’s and typical fees are discussed along with some guidelines for selecting an EMC. Key words: Export, export management company, export trading company, agricultural cooperatives, export performance. ACS Research Report 52 December 1985 Contents iv Highlights 1 Types of Companies and Definitions 2 Description of Companies 3 Typical Services Provided by Exporting Companies 4 Products Handled 5 Market Coverage 6 Fees, Margins, and Costs 7 Ownership and Financial Structure 7 Advantages of an EMC or ETC 8 Disadvantages of an EMC or ETC 9 References 10 Appendix A: Export Trading Company Act of 1982 12 Appendix B: Tax Reform Act of 1984: Foreign Sales Corporations 15 Appendix C: Quick Reference chart for FSC’s . 111 Export management companies (EMC’s) can help cooperatives expand exports. Historically, EMC’s have assisted export operations of domestic companies in two major ways. First, as a commission house the EMC finds the foreign buyer, negotiates the sales terms, prepares export documentation, and arranges ocean freight.
    [Show full text]
  • Guide for Prospective Agricultural Cooperative Exporters Alan D
    Abstract Guide for Prospective Agricultural Cooperative Exporters Alan D. Borst Agricultural Cooperative Service U.S. Department of Agriculture This report describes the different aspects of exporting that a U.S. agricul- tural cooperative must consider to develop a successful export program. t First, the steps involved in making the decision to export are covered. Then, information on various sources of assistance is given, along with , information on how to contact them. Next, features of export marketing strategy-the export plan, sales outlets, market research, product prepara- tion, promotion, and government export incentives-are discussed. Components of making the sale-the terms of sale, pricing, export finance, and regulatory concerns-are also included. Finally, postsale activities-documentation, packing, transportation, risk management, and buyer relations-are described. Keywords: cooperatives, agricultural exports. ACS Research Report 93 September 1990 Preface This report is solely a guide-not a complete manual or blueprint of oper- ations-for any individual cooperative wishing to export. Its objectives are to (1) help co-op management, personnel, and members with little or no experience in exporting to gain a better understanding of the export process, and (2) provide a basic reference tool for both experienced and novice exporters. As a guide, this report is not intended for use in resolving misunderstand- ings or disputes that might arise between parties involved in a particular export transaction. Nor does the mention of a private firm or product con- stitute endorsement by USDA. The author acknowledges the contribution of Donald E. Hirsch.’ ‘Donald E. Hirsch, Export Marketing Guide for Cooperatives, U.S.
    [Show full text]
  • A Synoptic Overview of the Lex Rhodia De Iactu* Lex Rhodia De Iactu'ya Genel Bir Bakış
    SÖĞÜT 209 A Synoptic Overview of the Lex Rhodia De Iactu* Lex Rhodia de Iactu'ya Genel Bir Bakış Asst. Prof. Dr. İpek Sevda SÖĞÜT** Antoninus dicit Eudaemoni: "Ego orbis terrarum dominus sum, lex autem maris, lege Rhodia de re nautica res iudicetur, quatenus nulla lex ex nostris ei contraria est. Idem etiam divus Augustus iudicavit. (D. XIV. 2.9) ABSTRACT This article is an overview of the concept of the general average rules that the Romans adopted from the Rhodesian Law and took place in the codification of Iustinianus. General average is one of the most ancient vestiges of maritime law and practice. Although the decline of Ancient Greece and the rise of the Roman Empire altered the influence of Rhodes maritime law; Rhodes retained its existence as a uniform code, since it was peaceful and profitable for Mediterranean trade. The Mediterranean Sea was, for more than one thousand years, only ruled by the Rhodian law, although augmented with some additions by the Romans. As a matter of fact, the lex Rhodia de iactu may be one of the most controversial issues of Roman private law, since the texts tend to be more historical than juristic. This is due to the structure and * This paper was presented at the 70th session of the Société Internationale Fernand de Visscher pour l'Histoire des Droits de l'Antiquité (SIHDA), on September 2016, in Paris/ France. ** Head of Roman Law Department at Kadir Has University, Faculty of Law in Istanbul/ Turkey. (İpek Sevda Söğüt ORCID ID: orcid.org/0000-0002-3501-6593).
    [Show full text]
  • Frequently Asked Questions About Emergency Order 2020-1 and 2020-2
    OFFICE of the INSURANCE COMMISSIONER WASHINGTON STATE Frequently Asked Questions: OIC Emergency Orders 20-01 and 20-02 and other COVID-19 related issues April 7, 2020 (NOTE: Additional FAQ’s may be issued as more information is available) Questions related to Emergency Order 20-02 Directive A: Telemedicine 1. Question: Will OIC be exercising its enforcement discretion to withhold enforcement of violations of the 30 day prompt pay rule for carrier adjudication of telehealth claims to ensure that they are paid at parity with in-person visits? Response: Yes, until April 25, 2020, the OIC will presume that good cause exists for carriers that fail to process telemedicine claims within the timeframes outlined in WAC 284-170-431(2) as long as 95% of all clean telemedicine claims are paid within 45 days of receipt by the responsible carrier or agent of the carrier. WAC 284-43-431(7) provides that providers, facilities, and carriers are not required to comply with the requirement to pay 95% of all clean claims within 30 days of receipt and 95% of all claims, clean or not, within 60 days of receipt, if the failure to comply is occasioned by any act of God, bankruptcy, act of a governmental authority responding to an act of God or other emergency, or the result of a strike, lockout, or other labor dispute. Governor Inslee’s Proclamation 20-29 regarding telemedicine payment parity was issued on March 25 and was effective immediately. For the initial thirty day period that Proclamation 20-29 is in effect, until April 25, 2020, exclusively for purposes of payment of telemedicine claims in compliance with Proclamation 20-29, OIC will presume that a failure to comply with the timeframes in WAC 284-170-431(2)(a)(i-ii) is caused by an act of a governmental authority responding to an emergency under WAC 284-170-431(7).
    [Show full text]
  • Freight Forwarders, Brokerage, and Shipping Conference Agreements
    19601 COMMENTS FREIGHT FORWARDERS, BROKERAGE, AND SHIPPING CONFERENCE AGREEMENTS: IMPLICATIONS OF THE ISBRANDTSEN DOCTRINE Maritime shipping conferences' have for many years regulated the payment of marine freight brokerage.2 The Federal Maritime Board has accepted this conference practice and extended federal antitrust exemption to it under statu- tory powers granted the Board in the Shipping Act of 1916.3 The Supreme Court's application of Section 14 Third of the Shipping Act in FederalMaritime Board v. Isbrandtsen4 suggests that the Board's policy approving conference brokerage rules requires reconsideration where such rules affect independent liner competitors of conferences. Prior to Isbrandtsen the Federal Maritime Board had a free hand in the formulation of national maritime policy concerning conference activities. Apply- ing the doctrine of primary jurisdiction, the courts were loath to pit their judg- ment against that of the Board.5 In Isbrandlsen the Court struck down a Board- approved conference dual-rate shipping contract system the purpose and effect of which was the elimination of independent competition on the conference's route. This decision overturned a long standing Board policy approving dual rates, and, by implication, the elimination in this manner of independents. The Court held that Section 14 Third of the Shipping Act prohibits dual rate con- tracts where their effect upon independent competition is "predatory" in pur- pose and effect.6 The Board argued unsuccessfully that its powers under the act permitted approval of any conference practice not specifically outlawed by the act. Isbrandtsensuggests that the Court reads section 14 as a further limitation upon the Board's power to give conference activities antitrust exemption.
    [Show full text]
  • Modelling in Health Care Finance a Compendium of Quantitative Techniques for Health Care Financing
    QUANTITATIVE METHODS IN SOCIAL PROTECTION SERIES Modelling in health care finance A compendium of quantitative techniques for health care financing Michael Cichon • William Newbrander Hiroshi Yamabana • Axel Weber Charles Normand • David Dror • Alexander Preker A joint technical publication of the International Labour Office (ILO) and the International Social Security Association (ISSA) , . ^ International Labour Office • Geneva Copyright © International Labour Organization 1999 First published 1999 Publications of the International Labour Oifice enjoy copyright under Protocol 2 of the Universal Copyright Convention. Nevertheless, short excerpts from them may be reproduced without authorization, on condition that the source is indicated. For rights of reproduction or translation, application should be made to the Publications Bureau (Rights and Permissions), International Labour Office, CH-1211 Geneva 22, Switzerland. The International Labour Office welcomes such applications. Libraries, institutions and other users registered in the United Kingdom with the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP OLP (Fax: +44 171 631 5500), in the United States with the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923 (Fax: +1 978 750 4470), or in other countries with associated Reproduction Rights Organizations, may make photocopies in accordance with the licences issued to them for this purpose. Michael Cichon, William Newbrander, Hiroshi Yamabana, Axel Weber, Charles Normand, David Dror, Alexander Preker Modelling
    [Show full text]
  • A.A.A. - the American Arbitration Association
    A.A.A. - The American Arbitration Association. Corporate Headquarters, E-mail: [email protected]. International Center for Dispute Resolution, E-mail: mailto:[email protected] Website: http://www.adr.org/ A.A.A. - The Association of Average Adjusters - HQS "Wellington", Temple Stairs, Victoria Embankment, London WC2R 2PN. Abandonment [Fr.: " délaissement "] [Span.: " abandono "] [Ital.: " abbandono "] [Gr.: "Abandonnierung "; "Aufgabe eines Rechtsanspruches "] - Abandonment is the giving up by the insured of the proprietary rights in insured property to the underwriter in consideration for payment of a constructive total loss (infra ) or an actual total loss (infra ). See Marine Insurance Act, 1906 (U.K.) sects. 61-63; see also Notice of abandonment (infra ). See Tetley, Int'l M. & A. L. , 2003 at p.612. Abandonment (" abandon ") is also the ancient principle of a shipowner having responsibility only up to the value of the ship and freight (infra ) (but calculated after the collision (infra )). The principle was found in the 1924 Shipowners' Limitation Convention and is still found in the U.S. Shipowners' Limitation of Liability Act , 1851, 46 U.S. Code App. 183. See Tetley, Int'l. C. of L. , 1994 at pp. 510-511, 517-518; Tetley, M.L.C. , 2 Ed., 1998 at pp. 109-110; Tetley, Int'l. M & A. L. , 2003 at pp. 20-21. "Abus de droit" - [Span.: " abuso de derecho "] [Ital.: " abuso di diritto "] [Gr.: "Rechtsmißbrauch "]- A civil law principle of abuse of right due to a flagrant act of a creditor or the possessor of a thing. See Tetley, Int'l. C. of L. , 1994 at p.
    [Show full text]
  • Is COVID-19 an Act of God And/Or Will COVID-19 Be a Defense Against Failure to Perform? Swata Gandhi
    ALERT Corporate Practice MAY 2020 Is COVID-19 an Act of God and/or Will COVID-19 Be a Defense Against Failure to Perform? Swata Gandhi This is the second in a series of alerts on Force Majeure and Common Law Defenses against failure to perform contracts. In our first alert, we discussed the elements of a force majeure clause and looked at how various states have interpreted force majeure clauses. We focused on how most states take a narrow view of these provisions and they adhere to the plain meaning of the force majeure provisions. This alert takes a look at one event often listed in force majeure clauses – Acts of God. As discussed in our previous alert, some courts will excuse performance of a contract only if the event causing the breach is actually listed in the force majeure clause. Among the list of events that would most likely excuse a failure to perform under a contract due to COVID-19 would be if the force majeure provision listed pandemics, epidemic, health emergencies or government orders or regulations. While your contract may not list these events, most force majeure provisions do include an Act of God. In this alert we look at whether it is likely that courts will find that COVID-19 is an Act of God and if such consideration will actually be a defense against performance of a contract. In general, courts have found that an Act of God is a natural event that would not occur by the intervention of man, but proceeds from physical causes.
    [Show full text]
  • The Future of Logistics – What Does the Future Hold for Freight Forwarders?
    The Future of Logistics – What Does the Future Hold for Freight Forwarders? Professor John Manners-Bell Ken Lyon The Future of Logistics – What does the future hold for freight forwarders? Foreword - Kewill The freight forwarding industry is in flux. Amid a rash of consolidations and acquisitions, small- and medium- sized forwarders find themselves struggling to remain competitive with their bigger brethren. For today’s forwarders, the pathway to profitability lies with process automation and value-added services – a two-pronged approach that reduces errors [thus improving customer service] and differentiates your business with customized add-on services. And the best way to achieve both of those goals simultaneously is through technology. Cloud computing gives freight forwarders, particularly the small- to medium-sized forwarders, the logistics toolkit they need to remain nimble in a highly competitive market with thin margins. Thanks to the small upfront investment and quick implementation made possible by the Cloud, forwarders can begin offering integrated additional services such as consolidation, warehouse management, enhanced customs and compliance, as well as the receiving, handling and distribution of goods. Best of all, the Cloud delivers supply chain functionality that’s essentially on par with the complex legacy systems still being used by many forwarders – all for pennies on the dollar. That, in turn, helps level the playing field and prevents smaller operations from getting boxed out of the marketplace. Evan Puzey, CMO Kewill © September 2015 Transport Intelligence Global Express and Small Parcels 2015 2 Introduction In many respects the international freight forwarding sector has changed very little over the past few decades.
    [Show full text]
  • Aaa800ews0p1260outi0june0
    Report No. AAA80 - DJ Republic of Djibouti Public Disclosure Authorized Study on regulation of private operators in the port of Djibouti Technical Assistance Final report June 2012 Middle East and North Africa Region Public Disclosure Authorized Transport Group World Bank document Public Disclosure Authorized Public Disclosure Authorized Study on regulation of private operators in the port of Djibouti Contents CONTENTS INTRODUCTION ...................................................................................................................... 8 EXECUTIVE SUMMARY ........................................................................................................... 9 REGULATION ACTION PLAN FOR PORT ACTIVITES IN DJIBOUTI ........................................ 13 REPORT 1 - DIAGNOSIS ................................................................................................................. 16 1. PORT FACILITIES AND OPERATORS ................................................................................. 17 1.1. An outstanding port and logistics hub .......................................................... 17 1.2. Doraleh oil terminal ...................................................................................... 18 1.3. Doraleh container terminal ........................................................................... 18 1.4. Djibouti container terminal ........................................................................... 19 1.5. Djibouti bulk terminal ..................................................................................
    [Show full text]
  • Marine Insurance and Reinsurance
    1988 General Insurance Convention M A R I N E INSU RANC E AND REINSURANCE GISG 1988 Working Party Members:- Chairman: Colin J.W. Czapiewski David H. Craighead Peter A.G Green David M. Hart Peter N. Matthews Chris Mellor Hugh Rice Peter D. Smith David I. Tomlinson Marine Insurance & Reinsurance - An Introduction Index Page 1. Introduction 2 2. Classes of Marine Business 3 3. Types of Insurance and Reinsurance 6 4. Organisations and systems 7 5. Claims 12 6. Rating 14 7. Data Problems 21 8. Reserving 23 9. Summary and Conclusion 31 10. Bibliography 31 - 1 - Marine Insurance and Reinsurance - An Introduction The only major area of insurance in the UK without substantial actuarial involvement is that referred to as MAT: Marine, Aviation and Transport. Incidentally this state of affairs seems to apply to most overseas countries also. The Institute library is practically devoid of literature on the subject although the Chartered Institute of Insurance does have a fair amount of related information. This paper provides a basic introduction to Marine Insurance and Reinsurance, emphasising aspects of particular interest to Actuaries. Although Marine insurance is international, the paper concentrates upon business written in the UK and so many similarities exist with London Market Non-Marine. Much detail that is common· to both has therefore been left out entirely or dealt with briefly. Aviation has been omitted to preserve some brevity. The paper does not describe all the business written by Marine underwriters as this includes Incidental Non-Marine. 1· Introduction Marine business is one of the oldest areas of insurance.
    [Show full text]