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Insurance - Coggle Diagram
Insurance
Terms
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The Insured/Policyholder: party whose risk is transferred to the insurer
Sometimes the person receiving the compensation and the buyer isn’t the same.
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Marine Insurance
Terms A (All risk) >B>C (Original)
Special: War, SRCC- strike
covers the loss or damage of ships, cargo, terminals, and any transport for G
Rules
Hague/Hague Visby rules often used.
Protect carrier more- Cargo owner needs to prove that it’s carrier’s fault that caused the damage
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4 Types
Marine cargo insurance
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Valued Policy
insurance value is fixed, for short voyages or stable goods
Unvalued Policy
insurance value is not specified, and idetermined after a loss, for long voyage or variable goods
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Protection and indemnity insurance
shipowners buy to protect themselves against legal liabilities from the operation ex: Collision accident- Death and personal injury
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Type of Risk
Insured Common Perils
Main & Common risks (Stranding, Sinking, Fire, Explosion)
Relatively Excluded Perils
War, SRCC- strikes, riots and civil commotion
Absolutely Excluded Perils
willful misconduct of the Insured (hành vi sai trái cố ý)
ex: Using Unfit or Unsafe Ship- violate packaging regulation
4 Principles
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Indemnity
bồi thường
Insurance compensates only for the actual loss, not for profit.
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Forms
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Co-Insurance
held jointly by two or more insurers.
The insured divide the value of the subject matter insured into smaller parts and sign MULTIPLE contracts. NO overlap (#Double)
3 Types
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Liability insurance
Protects you if you accidentally hurt someone or damage their stuff (legal.medical cost)
Definition
Insurance is a contract whereby, the insured pay premium, when unforeseen events happen the insurers will pay the financial losses to the insured.
Insurance is the risk transferring from the insured to the insurer.
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