How to Calculate Marin Cargo Policy
Marine Cargo Insurance
Marine Cargo insurance protects all goods while in transit depending upon the needs of the client. For sea and air transits, the "Institute" Clauses, drafted by the Technical and Clauses Committee of the Institute of London Underwriters are adopted for use in Bangladesh. Three broad types of cover are available for sea transit i.e. Institute Cargo Clauses "A", "B" & "C" and two types of cover are available for air transit i.e. Institute Cargo Clauses, Air &, Air All Risks . On the other hand Transit by rail and road are covered either by Rail/Lorry/Truck only or Rail/Lorry/Truck All Risks Clauses drafted by Central Rating Committee of Bangladesh.
Hull Insurance
This cover is available for ocean going vessels, barges, tugs, dredgers, fishing trawlers, yachts, wooden dhows, pleasure/speed boats etc., under Institute Time Clauses Hulls. Cover is also provided for last breakup voyages to Chittagong.
Definition of Marine Insurance:-
Marine insurance means the contract of insurance upon vessels of only descriptions including cargoes freights and other interests which may be legally inured in or in relation to such vessels, cargoes and freights, goods wares, merchandise and property of whatever description insured for any transit by land or water.
Marine insurance covers the loss or damage of ships, cargo, terminals and any transport or a cargo by which property is transferred acquired or held between the points of origin and destination.
Reasons for Marine Insurance :-
- Fire, explosion
- Contact with water
- Breakage
- Accident
- Derailment of conveyance
- Pilferage
- Non-delivery
Essential Elements Marine Insurance:-
A. General or Legal elements of marine insurance contract
- offer
- Acceptance
- Plurality of Member
- Competence of the Parties
- Legal Relationship
- Possibility and Responsibility of executing the contract
- Lawful Consideration
- Free Consent
- Written
- Insurable interest
- Utmost good faith
- Indemnity
- Subrogation
- Proximate cause
- Payment of premium
- Warranties
A. Natural Perils
- Cyclone
- Strike from sinking mountain o Thunder
- Strike from Ice
- Fire
- Thieves
- External enemies o Capture
- Betrayal o Jettison o War
- Strike/Riots etc.
A.Implied Warranties
- Seaworthiness
- Legality
- Towing Warranties
- Others
- Hull Insurance
- Cargo Insurance
- Freight Insurance
- Liability Insurance
- Time Policy
- Voyage Policy
- Mixed Policy
- Floating Policy
- Valued Policy
- Unvalued Policy
- Blanked Policy
- Builder’s risk Policy
- Port risk Policy
- Named Police
- Single vessel and Fleet Policy
- Block Policy
- Currency Policy
- Wager Policy
A. Total loss
- Actual Total Loss
- Constrictive total loss B. Partial Loss
- Particular Averages Loss General average loss
A. Particular average losses
- Particular partial loss of ship
- Particular partial loss of goods
- Particular partial loss of compensation
- Sacrifice
- Compensation
- Other related expenses
- Particular charges
- Sue and Labour
- Extra charges
Example of Insurgence Policy:
Marin Cargo Policy No : ABC/XYZ/FAB/MP-0015/01/2018
Issued in Lieu of Cover Note No: ABC/FAB/MC-0033/01/2019
Step: 01
You seem that your invoice value $ 20,000.00
Multiple by Dollar Rate seem that $ 80.90
(20,000.00 x 80.90 = BDT 16,18,000.00 + 10% = 17,79,800 BDT)
.............................................................................
Step: 02
Premium Computation
Marine 0.2600 % - 10% = 4627.48 -10% = 4164.00 BDT
WAR & SRCC 0.05 % = (16,18,000 x 0.05%)= 809.00 BDT
Net Premium________________________________________
Net Premium = 4973.00 BDT
Step: 03
VAT - 0% = 00.00 BDT
Stamp Duty = 1290 BDT
____________________________________________________
Grand Total = 6263.00 BDT
N:B: here 4164.79 reduce .79 = 4164.00 deduct by software bass.
Here Invoice value $ 20.000.00 insurance cost BDT amount is 6263.00 Taka.
Speech from Writer:
Hi if you have any confused or suggestion which better for me, so, now inform us by comments.
No comments
Note: Only a member of this blog may post a comment.