Chapter7 Ocean Marine Insurance
- 格式：doc
- 大小：93.50 KB
- 文档页数：6
Chapter 7 Ocean Marine Insurance Insurance is a contract whereby one party, in consideration of a premium paid, undertakes to indemnify the other party against loss from certain perils or risks to which the subject matter insured may be exposed to. It is an extensive subject and ocean marine insurance is only a small part of private insurance. Ocean marine insurance covers ships and their cargoes, both on the d waterways high seas and on inland waterways. ────────── indemnify：赔偿 perils：危险 marine：海洋的，海事的 high seas：远海 1. NEED FOR INSURANCE
Exporters and importers face all the time uncertainties of loss of their goods. Insurance is used to protect their financial interests against such risks and actual losses. Trade and insurance can and do exist independently, but in proper context, insurance is an indispensable adjunct. Without adequate insurance and protection of the interests of those with goods in transit, international trade would be negatively affected. ────────── indispensable：不可缺少的 adjunct：附件 adequate：适当的，足够的 2. COVERAGE OF OCEAN MARINE INSURANCE
By purchasing insurance, the assured protects his financial interests against three things: the risk of loss, the actual loss and the expenses incurred to avoid or reduce loss. ────────── the assured：被保险人 incur：招致 1) Risks Two types of risks are covered by ocean marine insurance. The first type is the perils of the sea that include both natural calamities and fortuitous accidents. Natural calamities refer to earthquake, heavy weather such as hurricane and thunderstorm, etc. These events should be exceptional to some extent and the ordinary action of the wind and waves are not considered natural calamities. Fortuitous accidents include fire, smoking, stranding, sinking, collision, etc. However, fire caused by inherent vice or nature of the cargo is excluded.1 All the perils must occur at sea and must be because of sea, otherwise the insurance will not cover them. A vessel intentionally sunk by its owner, for example, is not an accident because of sea and therefore will not be covered by ocean marine insurance. Similarly, natural deterioration and wear and tear are not perils of sea either. The second type of risks covered is extraneous risks. These risks include ordinary risks such as theft, pilferage, rain damage, shortage, breakage, etc and special risks such as strike, war, failure to deliver, etc. ────────── natural calamities：自然灾害 fortuitous：偶然的，偶发的 stranding：搁浅 collision：碰撞 inherent vice：内在缺陷 deterioration：变坏，恶化 extraneous：外部的，外在的 pilferage：偷盗 breakage：破碎 2) Loses Ocean marine insurance covers two types of losses, partial loss and total loss. Partial loss means the total loss of part of the insured cargo (eg, the loss of one case out of a shipment of ten) or the damage to all or part of the insured cargo. Total loss can be classified into actual total loss or constructive total loss. Actual total loss means the non-existence of the insured cargo in value. Constructive total loss, however, means the subject matter insured is reasonably abandoned on account of its actual total loss appearing to be unavoidable, or because it would not be preserved from actual total loss without an expenditure greater than its recovered value. In other words, it is unlikely to recover the subject matter or the cost of recovery will exceed the value of the subject matter. 3) Expenses Ocean marine insurance also covers some expenses incurred in reducing the loss of the subject matter insured either by the assured himself or a party other than the insurer and/or the assured. This encourages efforts to save the subject matter insured. 3. FUNDAMENTAL PRINCIPLES OF CARGO INSURANCE
1) Insurable interest Insurable means the person insuring must have the absolute ownership of the subject matter insured. Interest means that the person insuring must be the one who stands to bear some financial loss if the risk materializes. If a person does not possess the ownership or he will not suffer from any financial loss, he will have no insurable interest in the subject matter and will not be given the coverage. For example, an employee of a shipowner cannot insure the ship and collect insurance. However, because of inadequate communication or any other reason, when the assured is effecting an insurance, he might not be sure if his property is still in existence. Then the insurance contract is valid if the assured did not know of the loss at the time of contract of insurance. This is known as the concept of "lost or not lost". ────────── Insurable interest：可保利益 2) Utmost good faith This principle requires both the assured and insurer to deal with each other with the highest standard of honesty.
