MAIN TYPES OF INSURANCE

MAIN TYPES OF INSURANCE...

There are three major types of insurance (1) Marine (2) Fire and (3) Life. In advanced countries of the world, insurance coverage is given to (4) Casualty (5) Accident and Health (6) Fidelity and surety bonds (7) Title and (8) Credit also. We. in this book will be dealing with the three broad classifications of insurance, i.e., (1) Marine (2) Fire and (3) Life.

MARINE INSURANCE
Marine insurance is the oldest type of insurance dating over 5000 years back. It was originally meant for giving insurance coverage to the loss of ships and cargo at sea. In more recent times, it has been split up into two major forms of transportation coverage, (a) Ocean Marine (b) Inland Marine.
What is an Ocean Marine? The ocean marine insurance is a highly specialized business in its operation and is primarily operated by big insurance companies. Ocean marine insurance covers almost all losses to the ship and cargo while in port or at sea. The main ocean perils include sinking, capsizing,stranding, collision, theft and fire etc. In each marine insurance contract, the insurer (Insurance company) on the payment of a premium by the insured,undertakes to give coverage against loss due to maritime perils. The terms and conditions of the contract are written in a document called Marine Insurance Policy In an ocean marine insurance, coverage is provided for (1) ships(also called Hulls) (2) Cargo (3) Freight and (4) liability undertaken by the interested party.
Inland marine. Inland marine insurance provides coverage to transportation of goods by rail, truck, airplane, inland water ways. The inland marine perils include collision of trucks, theft, fire, windfall, flood, lightning etc.The inland marine insurance policy is written on all risks basis of it may be written to insure only against specified inland marine perils The procedure of getting marine insurance is very simple. The person who wants to get the cargo insured,writes to a few financially sound companies to quote their lowest rates of risk. On receipt of quotations, he contracts the company which quotes the lowest rates,The company fills up the necessary forms and on receipt of premium accepts the marine risk. The marine insurance policy is then given to the insured to recover the claim in the event of a loss.
Marine Insurance.
Marine insurance is the oldest type of insurance It covers (1) Ocean Marine and (2) Inland Marine,
Ocean Marine Insurance. It is a highly specialized business. The insurance companies covers practically all perils of shipments on the high seas.In the ocean marine insurance, the coverage is provided for ship and its contents.
Inland Marine Insurance. An inland marine insurance policy provides coverage to losses caused by fire, theft to goods being transported by rail, truck airplane, steamers.