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RISKS NOT COVERED BY MARINE INSURANCE
In this article, we discuss about risks not covered by marine insurance.
What are the risks not covered by Marine Insurance?
Under Normal Conditions :
Due to nature certain goods carry inherent vice such as easy breakage. Damage to fragile glassware is not covered, if inadequately packed. Damages caused during original packing are excluded, no matter when the damage occurs, for instance, damages caused by a nail driven by careless packers into the contents of packages.
Insurance Contract Specifically Excluded:
Losses due to leakage or hook losses in case of goods packed in bags may be excluded by the insurance contract itself. Solidification of palm and coconut oil may be excluded, unless heated storage is available.
Delayed Arrival:
Loss of profit, market loss due to delayed arrival or deterioration arising due to delay is excluded.
Ordinary and Unavoidable Trade Losses:
Shrinkage and evaporation in the bulk shipment or infestation in case of copra are excluded, unless specifically provided.
Violence:
Certain perils such as wars, strikes, riot and civil wars ae excluded, unless specifically endorsed.
Dangerous Drugs Clause:
Insurance policy stipulates losses connected with shipment of opium and other dangerous drugs are not paid unless specified conditions are met.
Also read - KINDS OF LOSSES in Marine Insurance, Terms Used in Marine Insurance, Types of Insurance Documents, Procedure and Documentation for Filing Claim of Marine Insurance, TYPES OF MARINE INSURANCE POLICIES . I hope, these article provide you a better knowlege about Marine Insurance under international business.
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