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Marine Insurance Essentials
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Cargo Insurance
Cargo insurance provides coverage for loss or damage to goods while in transit on the sea.
Particular Average
Particular Average refers to a partial loss sustained by an insured ship or its cargo which is not subject to general average.
General Average
General Average is a principle where all parties in a sea venture proportionally share the losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole venture.
Freight Insurance
Freight Insurance covers loss of shipping charges which the ship owner fails to earn due to loss or damage to cargo.
Salvage Charges
Salvage Charges are the fees awarded to a party who successfully salvages a vessel or its cargo from peril.
Protection and Indemnity (P&I)
P&I insurance is a liability coverage for shipowners and operators against risks like bodily injury and property damage to third parties.
Institute Cargo Clauses
Institute Cargo Clauses provide a standardized set of clauses for cargo insurance policies, outlining various levels of coverage.
Barratry
Barratry refers to fraudulent acts committed by a ship's master or crew that harm the ship's owner or charterer.
Hull Insurance
Hull insurance covers damage to the ship itself, typically caused by collision, sinking, piracy, and similar perils.
Sue and Labor Clause
The Sue and Labor Clause requires the insured to undertake reasonable actions to protect damaged property from further loss and promises reimbursement for such expenses.
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