Marine Insurance Concepts and Policies

The video introduces Marine Insurance, a type of General Insurance covering non-life risks. It explains the coverage for losses or damages to ships, cargo, and equipment during voyages. The video details the perils covered, such as bad weather and collisions, and exclusions like negligence. It describes types of Marine Insurance, including Cargo, Hull, Freight, and Liability Insurance, and outlines different policy types like Voyage, Time, Mixed, and Port Risk Policies.

What type of insurance is Marine Insurance classified under?

• Life Insurance

• General Insurance

• Health Insurance

• Property Insurance

Which of the following is NOT covered under Marine Insurance?

• Loss due to fire

• Loss due to unsuitable packaging

• Loss due to bad weather

• Loss due to high waves

What does Cargo Insurance specifically cover?

• The ship's crew

• The ship's hull

• Goods transported by the ship

• The ship's machinery

Which type of insurance covers damages to the ship's main body?

• Cargo Insurance

• Hull Insurance

• Freight Insurance

• Liability Insurance

What is the purpose of Freight Insurance?

• To cover the ship's machinery

• To cover the ship's crew

• To cover damages to the ship's hull

• To cover loss of freight due to unforeseen events

What does Liability Insurance cover in Marine Insurance?

• Damage to the ship's hull

• Loss of cargo

• Compensation to third parties

• Loss due to bad weather

What does a Voyage Policy cover?

• Losses over a fixed period

• Losses during a specific trip

• Losses due to crew negligence

• Losses while stationed at port

How long does a Time Policy typically provide coverage?

• For the ship's entire lifespan

• For a single voyage

• For a fixed period, usually a year

• While the ship is at port

What is a Mixed Policy in Marine Insurance?

• A policy covering only third-party liabilities

• A combination of Voyage and Time policies

• A policy covering only cargo

• A policy covering only the hull

What does a Port Risk Policy cover?

• Losses during a voyage

• Losses over a fixed period

• Losses while the ship is stationed at port

• Losses due to crew negligence