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Marine Insurance

Sec 101. Marine insurance includes:

(a) Insurance against loss of or damage to:


1. Vessels, craft, aircraft, vehicles, goods, freights, cargoes, merchandise, effects,
disbursements, profits, moneys, securities, choses in action, instruments of debt,
valuable papers, bottomry, and respondentia interests and all other kinds of property
and interests therein , in respect to, appertaining to or in connection with any and lal
risks or perils of navigation, transit or transportation,\; or while being assembled,
packed, crated, baled, compressed or similarly prepared for shipment or while
awaiting shipment, or during any delays, storage, transshipment, or reshipment
incident thereto, including war risks, marine builders risks, and all personal property
floater risks.
2. Person or property in connection with or appertaining to a marine, inland marine,
transit or transportation insurance, including liability for loss of or damage arising out
of or in connection with the construction, repair, operation, maintenance r use of the
subject matter of such insurance (but not including life insurance or surety bonds nor
insurance against loss by reason of bodily injury to any person arising out of the
ownership, maintenance, or use of automobiles);
3. Precious stones, jewels, jewelry, precious metals, whtther in course of transportation
or otherwise; and
4. Bridges, tunnels and other instrumentalities of transportation and communication
(excluding buildings, their furniture and furnishings, fied contents and supplies held in
storage); piers, wharves, docks and slips, and other aids to navigation and
transportation, including dry docks and marine railways, dams and appurtenant
facilities for the control of waterways.
(b) Marine protection and indemnity insurance, meaning insurance against, or against legal
liability of the insured for, loss, damage, or expense incident to ownership, operation,
chartering, maintenance, use, repair, or construction of any vessel, craft or instrumentality in
use in ocean or inland waterways, including liability of the insured for personal injury, illness
or death or for loss of or damage to the property of another person.

Major Divisions of Transporation insurance

1. Icean marine insurance it is one of the oldest written forms of insurance and has to do
primarily with the insurance of sea perils. The old law defines marine insurance (term used for
ocean marine insurance) as an insurance against risk connected with navigation, to which a
ship, cargo, freightage, profits or other insurable interest in movable property, may be
exposed during a certain voyage or a fixed period of time; and
2. Inland marine insurance it is one of the compraratively recent origin and covers primarily
the land or over the land transportation perils of property shipped by railroads, motor trucks,
airplanes, and other means of transportation. It also covers risks of lake, river, or other inland
waterway transporation and other waterborne perils outside of those risks that fall definitely
within the ocean marine category.

Section 101 enumerates the coverage of marine insurance.


Scoper of MI:

a. Ships or hulls;
b. Goods or cargoes;
c. Earnings such as freight, passage money, commissions, or profits; and
d. Liability (known as protection and indemnity insurance) incurred by the owner of
any party interested in or responsible for the insured property by reason of maritime
perils.

Risk of losses covered in ocean marine insurance

All risk or losses maybe insured against, except such as are repugnant to public policy or positively
prohibited. A general marine insurance policy which does not state the risks assured is valid and
covers the usual marine risks and in a a marine policy, the general enumeration of all other perils
etc., extends only to marine damage of like kindto those enumerated.

Of course, to sustain a recovery on a marine policy, the loss must have been occasioned by a risk or
peril insured against.