Marine Insurance Claims
There may be a claim under a marine insurance policy when, by operation of a peril a loss occurs. A loss on a marine insurance policy is defined on section 56 of the MIA as either a total or partial loss Total loss A total loss may either be actual total loss or a […]
Arranging for marine insurance
Marine Insurance Policies
Marine insurance policies are already noted, relate to four areas of risk, namely The Hull – which is the vessel itself and her equipment The Cargo – this refers to the goods carried by the vessel Freight – this is the sum paid for transporting goods or for the hire of the ship Building Risk […]
Marine Insurance Underwriting and Rating
Underwriting involves application of relevant knowledge and skills of insurance to assess risk and decide on the terms, conditions and rate of acceptance or otherwise. Rating on the other hand deals with evaluating a risk and pricing it in such a way that an adequate, competitive and reasonable premium is realized. The factors taken into […]
Marine Perils
A sea voyage is exposed to many perils, some such as, willful acts, loss of market due to delay, or anything that is illegal and contrary to public policy are not insurable. However, many fortuitous perils are insurable. The MIA states that marine insurance shall provide cover against perils of the sea- in a manner […]
Principles of Marine Insurance
Insurable Interest Utmost Good Faith Proximate Cause Indemnity Subrogation Contribution Insurable Interest Section six to 17 of the MIA are concerned with the principle of insurable interest. This principle provides that; There must be a physical object exposed to marine perils The assured has some legal relationship to the object, in consequence of which […]
International Contracts of Sale(INCOTERMS)
INCOTERMS are the riles that have been devise to assist in easing the passage of goods from one trading company to another when entering into of sale of goods internationally. In considering proposal of cargo insurance, one starts with the sale contract. The terms of sale dictates which of the parties to the contract is […]
Effecting Marine Insurance market
The usual method of effecting marine insurance is for the proposer to approach the insurance company either directly or through an intermediary who could either be an insurance agent or a broker. Both of them have a duty to disclose all material facts to the insurer and failure to do so would enable the insurer […]
The marine Insurance Markets
The Kenya Marine Insurance Market Insurance companies licensed to do general insurance can be licensed to underwrite marine insurance. In 2010, virtually all companies doing general insurance business were licensed to underwrite marine insurance., however, cargo insurance is a major component of marine insurance portfolio and constitutes about 90 percent of the total marine insurance […]
Marine Insurance and Trade
The buying and selling of goods and services across national borders is known as international trade. Advancement and rapid expansion in transportation, globalization, multinational corporations and outsourcing have combined to have a major impact on the international trade., increasingly, international trade is becoming a critical to the continuance of globalization, without it, nations will be […]