{"id":5707,"date":"2020-09-08T20:56:21","date_gmt":"2020-09-08T20:56:21","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5707"},"modified":"2020-10-19T11:20:10","modified_gmt":"2020-10-19T11:20:10","slug":"important-features-of-a-marine-insurance-contract","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/important-features-of-a-marine-insurance-contract\/","title":{"rendered":"Important Features of a Marine Insurance Contract"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><span style=\"font-weight: 400;\">A marine insurance contract basically refers to a mutually agreed-upon insurance agreement between two parties. In this, the insurer and the assured agree on the way the payment is going to be made for any sort of damages that will or could occur during the journey. This agreement makes this process easier automatically as the terms and conditions have been listed beforehand for both parties making it a smooth process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The features of a marine insurance contract that are important are as follows:\u00a0<\/span><\/p>\n<ul>\n<li>\n<h4>Insurable Interest:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There needs to be an insurable interest or else the agreement and policy will be void. Any person who has their goods being transported via a marine journey and can be affected has an insurable interest in it.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h4>Proposal and Acceptance:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once the contractual agreement has been drawn up and there is a proposal for the assured, the insurer accepts the contract. The policy can also be derived via a contract in case it has not been issued separately. The insurance policy must include and specify:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The name of the assured<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The subject that is insured\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The risk against which it has been insured against<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The policy that has been mutually agreed upon<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The names of the signatories<\/span><\/li>\n<\/ul>\n<ul>\n<li>\n<h4>Consideration:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The premium is referred to as the consideration in this agreement. The premium is then paid when the execution of this contract is being carried out.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h4>Policy Issuance:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once the contract has been signed, stamped it can be used legally in the court of law. Despite its issuance, the policy can be changed and rectified by the court in accordance with the intentions of the signatories.<\/span><\/p>\n<ul>\n<li>\n<h4>Floating:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A floating policy is more of an open policy where all the things are no defined clearly. A <\/span><a href=\"https:\/\/cometinsure.com\/pk\/marine-insurance\"><span style=\"font-weight: 400;\">marine insurance policy<\/span><\/a><span style=\"font-weight: 400;\"> is one such floating policy. Here it is left open. For example, the general terms are mentioned but specifics such as the specific ship names have been left out. These are only decided later on hence making it a floating policy.<\/span><\/p>\n<ul>\n<li>\n<h4>Assignment:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The policy and contract can be transferred as per the assignment. This can however not be done if there is a clause that does not allow this and actually prohibits this specifically. It can only however be transferred before a loss has been incurred or after one has been incurred and not during it.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h4>Utmost Good Faith:<\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This contract is based on the principle of good faith. All details must be shared between the insurer and the assured and nothing must be neglected or left out. It is the duty of the parties to disclose all facts and figures and evaluate all possible situations that may occur. The assured must be aware of any ordinary or extraordinary situation that he could possibly be embroiled in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, a marine insurance contract contains several features and these are some of the most important ones that you should remember while purchasing a plan from an <\/span><a href=\"https:\/\/cometinsure.com\/pk\/\"><span style=\"font-weight: 400;\">insurance company<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/important-features-of-a-marine-insurance-contract\/\" class=\"exp-read-more exp-read-more-underlined\">Read 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