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Marine Insurance Overview and Companies

Marine insurance is defined as a contract whereby one party agrees to indemnify the other for losses arising from certain sea risks during a specified voyage or time period in exchange for an agreed consideration. There are two types of marine insurance: ocean marine insurance and inland marine insurance. The document outlines the claim procedure and required documents, conditions included in marine insurance policies such as clauses, and provides statistics on the top five companies offering marine insurance in India and their gross premiums, net earned premiums, incurred claims, and operating profits/losses.

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Pratik Rambhia
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178 views21 pages

Marine Insurance Overview and Companies

Marine insurance is defined as a contract whereby one party agrees to indemnify the other for losses arising from certain sea risks during a specified voyage or time period in exchange for an agreed consideration. There are two types of marine insurance: ocean marine insurance and inland marine insurance. The document outlines the claim procedure and required documents, conditions included in marine insurance policies such as clauses, and provides statistics on the top five companies offering marine insurance in India and their gross premiums, net earned premiums, incurred claims, and operating profits/losses.

Uploaded by

Pratik Rambhia
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

Definition

• Arnold defines Marine Insurance as –

“Contract where by one party for agreed


consideration, undertakes to indemnify the other against from
the loss arising from certain perils and sea risk to which a
shipment merchandised and other interests in a maritime
adventure may be exposed during a certain voyage or certain
period of time. ”
1. Subject Matter
Types
1. Ocean Marine Insurance
2. Inland Marine Insurance
Commercial property that can be insured by inland marine
contract can be conveniently classified into 5 categories :
Procedure
Claim Procedure
Documents required for claim procedure

1. Original Invoice & packing List - if forming part of Invoice.


2. Document of declaration of consignment.
3. Damage Certificate from the carrier.
Conditions
A marine policy is issued to the following conditions which
form the clauses of policy in order to meet the special
requirements of the insured.

• Name clause.
• Assignment clause.
• ‘At & From’ clause.
• Name of Ship clause.
• Name of Captain clause.
• Termination of risk clause.
• Touch & stay clause.
• Valuation clause.
• Perils clause.
• Waiver clause.
• Premium clause.
• Memorandum clause.
• Negligence clause.
• Miscellaneous clause.
Additional info…
Top 5 Companies offering Marine Insurance

• ICICI Lombard
• United India Insurance
• The New India Assurance
• Tata-AIG General Insurance
• Bajaj Allianz Insurance
Marine Portfolio

National New Oriental United Bajaj Chola ICICI Reliance TATA Total
  
India India Allianz Mandalam Lombard General AIG

Gross Premium 1,888.79 3,056.50 2,286.40 3,001.40 207.3 58.3 471 132 309 11,789.59

Net Earned
1,981.63 2,004.32 1,287.93 1,316.96 69.55 15.01 64.86 18.05 151.9 7,081.23
Premium

Net Incurred Claims 914.51 819.38 674.94 717.04   92.19 13.83 127.45 13.32 119.4 3,697.60

Operating
1,121.28 1,096.89 596.44 460.13 -33.57 -8.17 -70.24 3.65 -20.58 3,107.65
Profit/Loss
Thank U

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