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Q.

What is marine Insurance ? when its taken ?

Tags: travel, careers, city guide
Asked by joyesh chakraborty, 30 Jan '13 12:10 pm
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Answers (4)

1.

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.Marine insurance is the oldest type of insurance. Out of it grew non-marine insurance and reinsurance. It traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'.
In 1906 the Marine Insurance Act was passed which codified the previous common law; it is both an extremely thorough and concise piece of work. Although the title of the Act refers to marine insurance, the general principles have been applied to all non-life insurance.For more information please visit the website IndianMoney.com as it is india's only free on call money advisor.
Answered by sachin sahu, 28 May '13 10:59 am

 
  
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Wondering what is marine insurance and why is it important? The fact is that any international business has numerous risks associated. Especially, importing and exporting of goods can expose you to immense economic losses, in case; the international shipments are damaged or smashed in shipment. Thus, for the protection and safekeeping of your cargo and for the fast retort and competent service for handling your claims, you need marine policy cover.

http://www.quintessentiallycovered.com/marine-insurance
Answered by marie ballu, 10 May '13 01:14 pm

 
  
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3.

I dont know but marine i.e. sea!! so while traveling through ship!! insurance !! may be!!
Answered by sanjay karmakar, 30 Jan '13 12:16 pm

 
  
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4.

Marine insurance is a type of insurance that covers boats and ships, as well as their cargo and in some instances the places where the boat or ship is docked. It has a colorful history, beginning informally in England during the 17th century. In 1906, the Marine Insurance Act was passed under British law, creating a standard operating procedure for policies that dictates the world's policies to this day. The standards set forth by the act are considered reasonable, but due to changes in technology and social standards, the act is generally seen as obsolete and is being replaced by more modern legislature.

There are several varieties of insurance that can be taken out by a boat or ship owner. Marine cargo insurance covers whatever goods the boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. There are also more general policies that cover the boat itself and its passengers, liab ...more
Answered by jameel ahmed, 30 Jan '13 12:13 pm

 
  
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