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Lecture Risk management and insurance - Lecture No 20: Analysis of insurance contracts

This chapter’s objectives are to: Major types of coverage, perils clause, deductibles, general average clause, sue-and-labor clause, abandonment, ocean transportation insurance, warranties in ocean marine insurance, express warranties,. | Analysis of Insurance Contracts Lecture No. 20 1 2 Major Types of Coverage Chief interests to be insured on ocean voyage The vessel, or the hull The cargo The shipping revenue or the freight received by the ship owners Legal liability for proved negligence 3 Major Types of Coverage Hull policies May cover the ship only during a given period of time Commonly subject to geographical limits May cover builders’ risk while the vessel is being constructed Cargo policies May be written to cover losses only during a specified voyage or on an open basis 4 Major Types of Coverage Freight coverage Is an insurable interest because in the event that freight charges are not paid The carrier has lost income with which to reimburse expenses incurred in preparation for a voyage Normally made a part of the regular hull or cargo coverage instead of being written as a separate contract Legal liability for proved negligence Running down clause (RDC) Hull owner is protected against third-party liability . | Analysis of Insurance Contracts Lecture No. 20 1 2 Major Types of Coverage Chief interests to be insured on ocean voyage The vessel, or the hull The cargo The shipping revenue or the freight received by the ship owners Legal liability for proved negligence 3 Major Types of Coverage Hull policies May cover the ship only during a given period of time Commonly subject to geographical limits May cover builders’ risk while the vessel is being constructed Cargo policies May be written to cover losses only during a specified voyage or on an open basis 4 Major Types of Coverage Freight coverage Is an insurable interest because in the event that freight charges are not paid The carrier has lost income with which to reimburse expenses incurred in preparation for a voyage Normally made a part of the regular hull or cargo coverage instead of being written as a separate contract Legal liability for proved negligence Running down clause (RDC) Hull owner is protected against third-party liability claims that arise from collisions RDC is intended to give protection in case the ship owner is held liable for negligent operation of the vessel that is the proximate cause of damage to certain property of others Protection and indemnity clause is usually added to the hull policy To provide liability coverage for personal injuries, loss of life, or damage to property other than vessels Intended to provide liability insurance for all events not covered by the more limited RDC Except liability assumed under contract 5 Perils Clause In 1779, Lloyd’s of London developed a more-or-less standard ocean marine policy containing an insuring clause Wording has been retained in almost its original form in policies issued today Clause might be interpreted as an all-risk contract Because it refers to certain named perils “and all other perils, losses, and misfortunes “ However, the courts have interpreted the quoted phrase to mean “all other like perils” The insuring clause covers perils of the sea .