In order to satisfy the varied requirements of the
insured’s suitable conditions are
incorporated in marine policy. These conditions are the clauses which are found in the
policy. There are many conditions under which a policy is issued but we shall
discuss the most important among
them: (1). ASSIGNMENT CLAUSES: According to this clauses a marine policy is
freely assigned to any person who has
insurable interest or why who may acquire
it at some later date. Generally a cargo policy is assigned by the
endorsement and delivery and a hull policy
by specific endorsement. (2).
LOST OR NOT LOST CLAUSES:
When the insured happens to take
insurance after the date of shipment and it is a not known whether the subject
matter of the be insured a is lost or
safe either to him or to the insurer on the date of insurance, by this clauses,
the insurer undertakes to indemnify any
loss which might have occurred during
the period between the date of shipment
and the date of issue of the policy.
(3). INCHMAREE CLAUSES:
This clauses covers perils other
than the perils of the sea, such as a
losses caused by the negligence of the matter master, crew pilots etc,
or by the explosives or any other
latent defect in the machinery of the
vessel. It d\rivers its name of the ship . Inchmaree” which
was a waiting time to depart when
due to the negligence of the a member of the crew the boiler burst . It was a decided and that this was not covered by the
term,. Perils of the sea” and could be
not met by the insurer. Subsequently
this clause began to the be insured in marine policies. (4). AT AND FROM CLAUSES: In case of the a marine policy contains the
words, at and from ir covers the subject
matter while it is lying at the port of departure and from the time at the ship sale. But if it
contains the word from only risk is
covered only from the time of departure
and not previous to that. The insurer’s not liable for any loss arising in the process of loading the
cargo from the shore of the ship. But this risk can be covered by the
inclusion of the Craft etc., clauses” . (5). SUE AND LABOUR CLAUSE: This clause authorize
at the insured as also his employees to take all reasonable and necessary steps to preserve the subject
matter of insurance when in danger, and
further the insurers agree to contribute
their share of the any expenses which may be insured in this connection
. Equity demands that the insured should act as if the were not insured.
(6).
RUNNING DOWN CLAUSE OR COLLISION CLAUSE:
This clause providers that the insurer under a hull policy agrees to bear three fourth of the liability for
loss of damage to the vessel owing a to collision with another vessel. (7) TOUCH AND STAY CLAUSE; This clause permits the ship to touch and
stay at such ports and in such orders as mentioned in the policy. If nothing
specific in this regard is mentioned in the policy, the ship must
touch and stay at ports which are usually
called at that particular trade routes.
(8). RE-INSURANCE CLAUSE; The marine reinsurance
is effective exactly in the same manner as a in the other branches of insurance., The re insurer is liable only
to the original insurer. is also not
liable, As insured has no direct dealing with the re-inurer is also not liable. As insured has no direct
dealing with the re-insurer he cannot approach for the settlement of claim to
the re-insurer. (9). VALUATION CLAUSE;
This clause specifies the subject matter insured in the policy I, e, the description of the good insured,
along with as many details pertaining to the quantity shipping marks weights
number of cases.
