![]() ![]() Protection & Indemnity (P&I) Insurance - protects shipowners from the maritime liability risks associated with owning and operating a vessel.Liability Insurance - covers liability by those engaged in the shipping industry.Such cover is in addition to storage and periods in warehouses at each production stage. It shall cover different modes of transportation such as ocean, air and inland transit. Stock Throughput Insurance (STP) - cover loss or damage to insured goods from production and to the final destination.Hull Insurance - covers loss or damage to the vessel's hull, machinery and equipment, including collision liability.Marine Cargo Insurance - covers loss or damage to insured goods while in transit, whether on land, sea or air.What are the types of Marine Insurance according to risk covered? (Section 3, Marine Insurance Act of England 1906) “Maritime perils” means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints, and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind or which may be designated by the policy.Any liability to a third party may be incurred by the owner of, or other person interested in or responsible for, insurable property, by reason of maritime perils.The earning or acquisition of any freight, passage money, commission, profit, or other pecuniary benefit, or the security for any advances, loan, or disbursements, is endangered by the exposure of insurable property to maritime perils.Such property is in this Act referred to as “insurable property” Any ship goods or other movables are exposed to maritime perils. ![]() (Section 1, Marine Insurance Act of England 1906) On the other hand, according to Marine Insurance Act of England, it is defined as:Ī contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure. (Section 101 Insurance Code of the Philippines) (b) Marine protection and indemnity insurance, meaning insurance against, or against legal liability of the insured for loss, damage, or expense incident to ownership, operation, chartering, maintenance, use, repair, or construction of any vessel, craft or instrumentality in use of ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person. (4) Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage) piers, wharves, docks and slips, and other aids to navigation and transportation, including dry docks and marine railways, dams and appurtenant facilities for the control of waterways. (3) Precious stones, jewels, jewelry, precious metals, whether in course of transportation or otherwise and (2) Person or property in connection with or appertaining to a marine, inland marine, transit or transportation insurance, including liability for loss of or damage arising out of or in connection with the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to any person arising out of ownership, maintenance, or use of automobiles) (1) Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, securities, choses in action, instruments of debts, valuable papers, bottomry, and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit or transportation, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting shipment, or during any delays, storage, transhipment, or reshipment incident thereto, including war risks, marine builder’s risks, and all personal property floater risks (a) Insurance against loss of or damage to: According to the Insurance Code of the Philippines, marine insurance includes: ![]()
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