U7 Marine insurance - TACN3 (Kinh tế và kinh doanh quốc tế) FTU

Unit 7 MARINE CARGO INSURANCE Marine insurance ● Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination. Feature of marine insurance It is based on “Utmost good faith” I.e: both the insured and the insurer’s must disclosed: 📫 Everything which is in their knowledge and 📫 Can affect the contract of insurance ● It is a contract of indemnity ● Types of marine insurance Property insurance: insures against financial loss resulting from damage to, or destruction of, property in which the insured has an insurable interest ● Liability insurance: insures against financial loss resulting from some person or organization making a claim against the insured for damages because of bodily injury, death, property damage, or some other injury for which the insured is allegedly responsible ● Total loss or partial loss Total loss: the insurer is entitle to take over what ever may remain of the subject matter ● Partial loss: subrogation is to extent of loss paid, excess recovery if any, is to be disbursed to the insured ● Parties involed Carrier/ Charter (shipping company) ● Consignee (người nhận) ● Consignor (người gửi hnagf) ● Insurance company (công ty bảo hiểm) ●