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Insurance in Maritime Transport, Jorge Romero - 3-724-749 - Coggle Diagram
Insurance in Maritime Transport
Importance of insurance in international trade.
Self-insurance in foreign trade and its consequences.
It is a situation in which a person, whether physical or legal, bears with his own assets the consequences that may arise from possible claims in his commercial or industrial turn.
Conceptual analysis of liability risks affecting foreign trade operation.
Foreign trade transactions involve a risk, because the exporter cannot fully guarantee that their foreign customer will cancel for the products shipped.
From Lombard Street to Lloy'ds: Background and current affairs. Insurance companies.
The first known insurance contract relating to maritime insurance dates back to 1347, signed in Genoa.
By 1688, Edwuard Lloyd owned a café frequented by London traders and bankers who gathered there to negotiate, in 1769 Lloyd's became a formal insurance community.
Historical history of insurance and its linkage with maritime transport and trade.
Actuarial science as it is conceived today begins in the 17th century. During this period, business needs resulted in operations involved a compound interest.
Another pillar is the concept of life tables, based on mortality research.
Antiguos documentos acreditan que posiblemente apareció en la edad media, con la forma del seguro marítimo.
Additional Maritime Transport Insurance and Risk
The loss of entirely dropped lumps during loading, transhipment or unloading
Sweeping: covers the loss of insured goods, when these sto backs on deck are swept away by the waves.
Deck Shipping: Covers insured goods when transported on deck.
Loading and unloading manoeuvres: Covers goods insured against or cracking, due to falling when loading or unloading.
Protection of goods as long as they are transported to or from the main vessel in auxiliary vessels.
This insurance extends to the maintenance of insured goods as long as they are transported to or from the main vessel on auxiliary vessels.
Loss or property damage caused by property directly by fire, lightning, explosion or by stranding, sinking or collision of the transporter ship.
Encallamiento
Hundimiento
Incendio
Colision
Both guilty of collision
Additional risks: theft, wetting, staining, oxidation, contamination, breakage, spillage, all risk, popular strikes and riots.
All other risks that may threaten vessels except for the dangers of war and political risks are excluded here.
Maritime transport insurance. details
In maritime transport insurance the cargo is subject to different risks: In loading and unloading operations. Bad packaging.
Maritime Transport Insurance. Traditional Policies
Time-time - spatial coverage.
The validity of the insurance handled in this sector is not expressed chronologically, that is, determining the day and time.
The clause "Sue and labor". History. Fundamentals. Operability.
The saves and duties that have to do with the costs, expenses and awards that can be paid after the occurrence of an insured danger.
Traditional policies: Against all risks. with breakdown and particular freedom
With breakdown: Covers specific risks such as: fire or explosions, stranding, stranding, sinking or zozobra of the ship, overturning or derailment of the means of transport
Fault-free: Malicious damage, vandalism or sabotage can be covered by endorsement.
Policy against all risk: Covers against all risks such as theft, ratery, failure to deliver, breakage and spillage in excess of the normal decline of the goods.
Documents required in the event of a claim.
Claim Notice
In case of claim that could result in claiming compensation in accordance with the provisions of the policy.
Analysis of policies in use in Panama. Import, Export
The import policy must be extended and signed by the customs processing officer.
The importer must enable a file that takes control of all of its import policies as these can be very useful to you.
Maritime transport insurance. General aspects.
Coinsurance regime. Pilot company. Active legitimation and the 2 co-insurers. Responsibility of co-insurers.
There are several insurers. The distribution of insurance companies is made by the insured. The loss is borne by several insurers. There is a direct relationship between the insured and the insurers.
Foreign language policy. Interpretation. Subjection to foreign law and practice. Different postures.
When presenting documents in foreign language, an official and duly notarized translation shall be accompanied.
General provisions and applicable rules.
The insurance contract policy will contain in addition to the conditions freely obtained by the interested parties, the following requirements:
Captain's first name, last name and address
Port or port in which they have been or must be charged
Name, port, flag and registration of the insured vessel.
Port from where the ship will depart or depart
Concept in which the insured hires.
Nature and quality of insured items
Name, surname and address of both parties
Number of bales or lumps of any kind.
Date of contract
No risk, Proposal, proposal to extend
Dark or ambiguous clauses and other airtight criteria. Importance of delivering a clear policy.
Insurance contracts may not contain unfair terms or be of an essential nature to policyholders, policyholders or beneficiaries.
Insurance scheme for time prior to participation
The insurance contract, the rights and obligations of the parties, start from the date of the convention, even before the policy is issued.
Advisors - Insurance Producers: Concept, classes, functions, remuneration, responsibility.
Insurance-producing advisory agencies are legal entities, with their own organization, whose only activity is to manage and obtain insurance contracts, for one or more companies.
Insurance agents are natural persons who name an insurance company are dedicated to managing and obtaining insurance contracts.
Maritime Transport Insurance
Exclusions and special durations of coverage
Lack of suitability of the packaging.
Loss, damages and expenses for delay or delay.
natural wear and tear of goods during the transport and aging of the insured good.
Loss, damage and expense for use of nuclear atomic weapon
Risks of war and strike.
Losses, damages and costs attributable to a deliberate misdeed by the insured
Reshipment Expense Coverage Clauses
If, as a result of the occurrence of a risk covered by this insurance, the journey ends at a port or place other than that for which the insured goods are covered.
Scopes of coverage
It constitutes the set of risks that are insured and its purpose is to obtain all protection depending on the nature of the loss or damage.
New Policy Structures
Particular conditions: customize the insurance policy with respect to the insured good or insured goods.
General conditions: reflect a set of basic rules that the insurer establishes, to regulate all insurance contracts that market the same modality.
Open, Floating, or Reporters: Applies in cases of transporting goods of significant values and volumes that occur on multiple trips.
Special conditions: its function is to nuance or profile the content of some previous rules collected.
Simple for travel: applies to occasional shipments and offers protection to goods during a given journey.
Other important clauses
Institute Molecus Damage Clause (1-8-1982), which protects against risks excluded by exclusion 4.7 of clauses B and C and also protects against vandalism or sabotage.
Institute Theft, Pilferage and Non - Delibery Clause (1- 12 - 1982), this is not necessary in case of use of clause A, however when clauses B or C are being used it is essential to include them
Specific insurance elements
Contract formation. The parts. Forecasts and policy.
Policy
It is the document in which the insurance contract is formalized and its modifications or additions. It should be written in a language that suits the parties.
Basically consists of three parts:
Particular conditions: these are the ones that individualize each insurance contract.
Special conditions: they appear in some policies and involve an adaptation for certain special cases.
General conditions: They are a series of equal clauses for all contracts of the same modality.
Obligations and charges of the insured.
Taker or insured obligations
Duty to pay the premium
is enforceable once the contract is signed.
Duty to continue the claim
It is essential for the insurer to be able to verify prejudice to the communication.
Risk Statement
Before the conclusion of the contract, the policyholder must declare to the insurer all known circumstances that may influence the risk assessment.
Duty to save or reduce the consequences of the claim
If this duty is fulfilled, compensation must be reduced, and if non-compliance is caused with manifest intent for damages.
Principle of good faith. Reluctance and aggravation of risk.
Reluctance
It is any false statement or concealment of data that, in the expert's view, if known to the insurer would not have accepted the insurance.
Incontestabilidad: transcurridos tres años desdela celebración del contrato, el asegurador no puede invocar reticencia, excepto que esta sea dolosa.
Denuncia inexacta de la edad: solo autoriza la recisión del contrato cuando la verdadera edad exceda los limites establecidos por el asegurador para asumir el riesgo.
Seguro de vida de un tercero: resulta factible asegurar la vida de un tercero, por ejemplo un deudor, estando facultado el beneficio a un titular oneroso a pagar la prima.
Risk aggravation
It is the aggravation in the potential of a risk.
Principle of good faith
It must support the validity of the insurance contract, when the parties are governed by acts of absolute truthfulness.
Provision of the insurer. Compensation.
Insurer Obligations
Deliver documentation to the contractor: if not, the insured person may bring an action.
Obligation of the guarantee against risk: it is the abstract obligation during the life of the contract.
Compensation: is compensation for damage received.
Insurable interest. Insured Registration, Premium, Claim.
Risk
It is the cause of the contract, because in case there is no risk, the contract will be void
Premium
This is the amount of money the taker pays for the insurer to pay in return in the event of a claim.
Premium class
Risk premium: mathematical or statistical, is the necessary and sufficient amount that the insurer must perceive to cover the risk.
Rate premium: this is the risk premium plus surcharges.
Billing premium: this is the rate premium plus surcharges of the law.
Insurable interest
It's the economic relationship that binds a guy to good. It's not the things or people who make sure, it's the interests we have in them.
Siniestro
It is the event, event, fortuitous destruction or significant loss suffered by persons or property by accident, fire, shipwreck or other event.
The reinsurance contract
Reinsurance Classes
I Reaseguro
Singular: it is done individually. General: there is a stable agreement between the insurer and the reinsurer.
II Reaseguro
By quota, by surplus, by claims.
It is a contract by which one of the parties undertakes to repair, within the stable limits.
Generalities. Applicable regulations. Definition of insurance. Concept and species.
Insurance is a contract by which one of the parties is bound, by means of a premium paid to him by the other person.
The insurance contract is consensual, bilateral and random
It is bilateral since it gives rise to reciprocal rights and obligations between insurer and insured.
It is random because it refers to compensation for a loss or damage caused by an event or an uncertain event.
It is consensual because it is perfected by the mere consent of the parties.
Jorge Romero - 3-724-749