Property Insurance Of Sea Transport

This type of insurance has rather difficult structure due to availability of large number of nuances.

There are 3 types of insurance according to this article:

The first is insurance according to MOD insurance system of floating craft and its parts.

The second type is CARGO insurance or insurance of transported consignments by sea transport.

The third is a ship owner and captain liability.

The first two items are rather standard and have rather big similarity with insurance of ordinary land vehicle; moreover they are regulated by developed London system of relations of merchant shipping.

But the third item is rather complicated because it is connected so-with codex of seafarers and is regulated based on the special laws of interaction specified in it.

In view of sufficient high cost and profitability of trips in case of favorable completion of the undertaking, also, benefit from voyage is also insured.

In case of agreement conclusion, one of the major conditions is notification of the insurer about nuances which can have essential value in case of determination of risk value. If after loss occurrence the fact of concealment of such nuances is revealed, the insurance company has an authority to refuse payment for by insurance.

The agreement can be made for both owner and on other person who will have an opportunity to receive the insurance reimbursement in case of loss occurrence.

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