The Inchmaree Clause is a clause that is often found in insurance policies that provides coverage for losses that are caused by an insured's own negligence. The clause is named after the case of Inchmaree v. Royal Exchange Assurance, in which the English court held that an insurer could not avoid liability for a loss that was caused by the insured's own negligence.
What are the 5 principles of marine insurance?
1. The Principle of Insurable Interest: In order to be able to insure something, you must have an "insurable interest" in it – that is, you must stand to lose financially if it is damaged or destroyed.
2. The Principle of Utmost Good Faith: Both parties to an insurance contract must disclose all relevant information to each other, or else the contract may be void.
3. The Principle of Indemnity: An insurance policy should only cover the actual financial loss that is suffered, and not any more than that.
4. The Principle of Subrogation: If an insured person makes a claim on their policy, and is then compensated by the insurance company, the insurer then has the right to pursue any third party who may be responsible for the loss in order to recover the money paid out.
5. The Principle of Contribution: If there is more than one insurance policy covering the same risk, then the different insurers will share the payout between them in proportion to the amount of cover each policy provides.
What are the terms used in marine insurance?
1. Hull Insurance: Protects the vessel itself against physical damage caused by perils such as fire, collision, grounding, or weather.
2. Machinery Insurance: Protects the vessel's machinery against physical damage caused by perils such as fire, collision, grounding, or weather.
3. Cargo Insurance: Protects the cargo carried by the vessel against physical damage or loss caused by perils such as fire, collision, grounding, or weather.
4. Passenger Insurance: Protects the passengers carried by the vessel against physical injury or death caused by perils such as fire, collision, grounding, or weather.
5. Protection and Indemnity (P&I) Insurance: Protects the vessel against liability for physical injury or property damage caused by the vessel to third parties.
6. Charterers' Liability Insurance: Protects the vessel against liability for physical injury or property damage caused by the vessel to charterers or their property.
7. War Risk Insurance: Protects the vessel and its cargo against loss or damage caused by war, piracy, or civil unrest. What is new Jason clause? The new Jason clause is a contractual provision that requires the insurer to provide coverage for certain types of risks that are not typically covered by standard insurance policies. This clause is named after the mythical character Jason, who went on a quest for the Golden Fleece. In a similar way, the new Jason clause provides coverage for risks that are often considered to be too risky or too expensive to insure. What is the liner negligence clause? The liner negligence clause is a provision in an insurance contract that relieves the insurer of liability for any loss or damage that is caused by the negligence of the shipowner, charterer, or operator. This clause is also known as the "exclusion clause" or the "negligence clause."
What is rundown clause?
A rundown clause is a provision in an insurance policy that allows the insurer to avoid paying claims for losses that occur after the policy has been cancelled. The clause is typically used when an insured party cancels their policy mid-term, and then experiences a loss. In order to avoid paying the claim, the insurer will point to the rundown clause as a way to void the policy.