Importance of marine insurance
In matters of marine insurance it is possible to understand the policy issued with the insurance conditions by reference, that is to say, it is issued what is an insurance certificate in which it is stated that the insurance has been contracted, and the conditions are those given in certain forms provided by the insurer.
The first maritime insurances arise in the Mediterranean during the Middle Ages as a consequence of the development of maritime trade, but it is not until the discovery and conquest of America, when the exchanges multiply, that the first institutions and administrative frameworks of insurance are established. The first administrative entity in charge of the insurance is the insurance company.
The first administrative entity in charge of insurance, along with other issues related to overseas trade, was the Casa de Contratación of Seville, created in 1503. Being in charge of everything related to trade and navigation with the New World, it regulated all these aspects, also that of insurance and the risks assumed by ships. The Casa de Contratación de Sevilla was created in 1503.
Sample marine insurance contract
Inland marine insurance: this is a type of marine insurance coverage that covers a wide range of specialized property. Historically, it is a breakthrough in marine insurance. Coverage has grown to include property involving only an element of transportation, or better described as “land property” coverage.
This type of policy covers risk exposures involving goods and merchandise that are in motion. Valuable documents inside the vessel, as well as mobile equipment and other supplies, are covered by this policy.
To standardize the types of risks eligible for marine or inland insurance, the insurance industry adopted the National Maritime Definition in 1933, which defined what types of property were eligible for inland marine insurance coverage.
A wide range of seemingly unrelated risks are included in the categories eligible for Inland Marine Insurance. Typically, the feature that makes them eligible is the element of portability, although there are exceptions.
Marine Cargo Insurance
SURA Specific Cargo Insurance is a solid solution that allows you to protect a particular shipment of goods, i.e. this solution only operates for one shipment and, therefore, must be taken out in advance of that shipment. If your company subsequently carries out other shipments, you will have to take out additional insurance for each of them.
The transportation of cotton, personal and household goods, coins, banknotes, jewelry, precious metals, lottery tickets, stocks, checks or any kind of document having an economic value and information stored on disks, USB or electronic media is not insured.
What is covered by marine insurance
A: Shipments of personal effects may contain a guarantee that requires the submission of a detailed and valued inventory prior to shipment. If not provided, in the event of loss, an average value per package may be determined based on the total insured value of the shipment and the total number of packages.
A: Follow the instructions provided on the Certificate of Insurance. Report the loss in writing to the carrier and indicate that you intend to file a claim for the loss. Contact the loss adjuster at destination (usually named on the Certificate of Insurance) who will assist you and establish the cause and extent of the loss. Inform your cargo insurance agent, who will assist you in handling the claim process.
A: The insured must at all times act in the same manner as if he/she were uninsured, or what is referred to as “acting as a prudent uninsured”. This is the basis on which all insurance is governed and prevents an insured from simply abandoning his or her cargo.