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The overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's. Cargo insurance: Cargo insurance is underwritten on the Institute Cargo Clauses, with coverage on an A, B, or C basis, A having the widest cover and C the most restricted. Valuable cargo is known as specie.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
In 1977, the ship Lucona sank in the Indian Ocean as a result of a time bomb, which had been planted by Udo Proksch, the owner of the cargo, so that he could fraudulently collect the insurance money. The cargo was claimed to consist of a disassembled uranium processing plant but in fact consisted of worthless scrap, and 6 of the 12 crew members ...
If he would, the ship was not seaworthy…" [3] Together with the Hague Visby Rules, the common law provides that the concept of "seaworthiness" covers: the ship, its equipment and supplies, [4] [5] the crew, [6] the vessel's suitability for the particular cargo [7] and its suitability for the particular voyage or for particular ports. [8] [9]
Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit. In Canada and the US , shipping insurance is offered by postal services, courier companies, and shipping-insurance companies.
The Marine Insurance Act 1906 (8 Edw. 7. c. 41) is a UK act of Parliament regulating marine insurance. The act applies both to "ship & cargo" marine insurance, and to P&I cover. The act was drafted by Sir Mackenzie Dalzell Chalmers, who had earlier drafted the Sale of Goods Act 1893. The act is a codifying act, that is to say, it attempts to ...
Special cargo and/or safety inspection of specific requirements of governments, ship operators, insurance companies or shipper. Surveys of import and export unboxed automobiles. On-hire, off-hire, and condition surveys of cargo compartments and handling gear. Hatch surveys, including condition of cargo prior to, during, and after discharge.
The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international maritime treaty admistered by the International Maritime Organization that was adopted to ensure that adequate compensation would be available where oil pollution damage was caused by maritime casualties involving oil tankers (i.e ...