8 Essential Elements of Marine Insurance
We know that marine insurance is intended for vehicles or insurance related to transport, travel, goods, etc. and has certain elements that combine with their characteristics. There are actually eight main elements in a marine insurance contract, namely:
1. Characteristics of a joint or collective contract
(a) Quotation: The broker will prepare a quotation form known as a marine insurance acceptance slip to ensure that the owner is available for negotiation.
(b) Endorsement: The original receipt is credited to the insurance company or insurance company.
(c) Setting : You set a premium for it and pay it at the time of the transaction.
(d) Purpose of Policy: After these steps, the broker will send a notice to its staff explaining the terms.
2. Insurable Interest
Of course, as with any other insurance, the insured will receive insurable interest on the contract and this is stated here, but only if the damage on the contract is insurable, then uninsurable events will not be taken into account. The forms they can take vary by ownership and reinsurance.
3. Mutual understanding
Mutual understanding is essential to any business transaction, and insurance is certainly no different. So general facts, requirements, terms and conditions, rules etc. agreed between insured and insured.
4. Remuneration Policy
Here the insurance pays compensation if the insured goods, goods, stations or vehicles are in a similar condition. Regarding compensation, additional losses and interest will not be reimbursed and the insured value will be stated as accurately as possible.
5. Replacement Policy
This shares similarities with the above policy. It also confirms that the insured will only receive the stipulated amount of damages without additional interest and that this cannot be lower or higher than the agreed terms.
6. Guarantees
Guarantee is important in every contract. In this section you can verify that both parties meet the requirements. There are two kinds:
a. Express Warranties: These warranties are set forth in the contract.
B. IMPLIED WARRANTIES: These warranties are without effect, but are expressly understood or agreed by the parties.
7. Immediate Cause
It's just responsibility. Anyone who causes damage intentionally or under non-agreed conditions is formally liable.
8. Waiver
According to this article, the contract is transferable unless there has been a confusion or one of them has deceived the other. There is no compromise, but it is good to sign if both parties come to an agreement.
So those are the basics of marine insurance and the features that make it work well. These points can be discussed in detail if you find a particular interest in the subject or in a conditional insurance.
1. Characteristics of a joint or collective contract
(a) Quotation: The broker will prepare a quotation form known as a marine insurance acceptance slip to ensure that the owner is available for negotiation.
(b) Endorsement: The original receipt is credited to the insurance company or insurance company.
(c) Setting : You set a premium for it and pay it at the time of the transaction.
(d) Purpose of Policy: After these steps, the broker will send a notice to its staff explaining the terms.
2. Insurable Interest
Of course, as with any other insurance, the insured will receive insurable interest on the contract and this is stated here, but only if the damage on the contract is insurable, then uninsurable events will not be taken into account. The forms they can take vary by ownership and reinsurance.
3. Mutual understanding
Mutual understanding is essential to any business transaction, and insurance is certainly no different. So general facts, requirements, terms and conditions, rules etc. agreed between insured and insured.
4. Remuneration Policy
Here the insurance pays compensation if the insured goods, goods, stations or vehicles are in a similar condition. Regarding compensation, additional losses and interest will not be reimbursed and the insured value will be stated as accurately as possible.
5. Replacement Policy
This shares similarities with the above policy. It also confirms that the insured will only receive the stipulated amount of damages without additional interest and that this cannot be lower or higher than the agreed terms.
6. Guarantees
Guarantee is important in every contract. In this section you can verify that both parties meet the requirements. There are two kinds:
a. Express Warranties: These warranties are set forth in the contract.
B. IMPLIED WARRANTIES: These warranties are without effect, but are expressly understood or agreed by the parties.
7. Immediate Cause
It's just responsibility. Anyone who causes damage intentionally or under non-agreed conditions is formally liable.
8. Waiver
According to this article, the contract is transferable unless there has been a confusion or one of them has deceived the other. There is no compromise, but it is good to sign if both parties come to an agreement.
So those are the basics of marine insurance and the features that make it work well. These points can be discussed in detail if you find a particular interest in the subject or in a conditional insurance.
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