ZIMSEC O Level Commerce Notes: Insurance: Marine Insurance
- Covers against losses occurring at sea.
- Covers against loss of goods transported by sea or goods transported by ships at sea.
- Covers against damages or loss of goods during transportation.
- Can be voyage policy ie. Cargo is insured for a particular journey or
- It can be open: giving cover for goods worth a stated value or amount.
- Covers damage to a ship itself, fixtures or machinery and other ships.
- Fleet insurance covers a number of ships under one policy.
- Voyage policy covers a ship for a particular journey.
- Time policy covers a ship or a fleet for a specific period.
- Is taken out by the shipping company where freight charges have not been prepaid.
- Covers non-payment of transport costs by the shipper to the ship owner.
- Covers damage due to collision with other vessels:
- claims by injured crew and passengers.
- Pollution of beaches.
- Damage caused to docks.
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