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Contract Of Marine (Insurance)
"I need a Contract Of Marine (Insurance) for a cargo vessel operating between Mumbai and Dubai ports, with specific coverage for piracy risks and cyber attacks, including war risk coverage for high-risk areas, to be effective from March 1, 2025."
1. Parties: Details of the insurer and the insured party, including full legal names, addresses, and registration details
2. Background: Context of the insurance arrangement and brief description of the marine venture
3. Definitions: Detailed definitions of key terms used throughout the contract
4. Subject Matter Insured: Detailed description of the vessel, cargo, or freight being insured
5. Period of Insurance: Specific dates and times of commencement and termination of coverage
6. Scope of Coverage: Detailed description of risks covered and geographical limits of the coverage
7. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment
8. Warranties and Conditions: Express and implied warranties, conditions precedent to liability
9. Exclusions: Specific risks, circumstances, and losses excluded from coverage
10. Claims Procedure: Process for notification and handling of claims, documentation requirements
11. Obligations of the Insured: Duties of the insured regarding maintenance, safety, and compliance
12. General Terms: Standard contractual provisions including notices, amendments, and governing law
13. Termination: Circumstances and procedures for contract termination or cancellation
1. War and Strikes Coverage: Additional coverage for war risks and strikes, to be included when specifically requested
2. Institute Cargo Clauses: Specific clause sets (A, B, or C) depending on coverage level required
3. General Average: Detailed provisions for general average contributions, included for cargo insurance
4. Loss Payee Clause: Added when payment is to be made to a third party such as a bank or financier
5. Continuation Clause: For situations where the voyage extends beyond the policy period
6. Increased Value Insurance: Optional coverage for increased value of cargo during transit
7. Cyber Risk Exclusion/Coverage: Modern clause addressing cyber risks, either excluding or covering them
1. Schedule A - Vessel Details: Complete specifications of the insured vessel including age, class, flag
2. Schedule B - Valuation: Agreed value of the insured property and basis of valuation
3. Schedule C - Premium Schedule: Detailed breakdown of premium calculations and payment schedule
4. Schedule D - Geographic Limits: Detailed description of trading areas and prohibited regions
5. Appendix 1 - Claims Documentation: List of required documents for different types of claims
6. Appendix 2 - Survey Requirements: Requirements and procedures for surveys and inspections
7. Appendix 3 - Institute Clauses: Specific institute clauses incorporated into the policy
8. Appendix 4 - Crew List: If crew coverage is included, details of covered crew members
Authors
Maritime Transportation
Marine Insurance
International Trade
Shipping
Logistics
Commercial Banking
Cargo Transportation
Marine Survey and Inspection
Maritime Law
Risk Management
Legal
Risk Management
Marine Operations
Insurance
Claims
Compliance
Maritime Operations
Finance
Underwriting
Technical
Commercial Operations
Marine Insurance Underwriter
Ship Owner
Maritime Lawyer
Risk Manager
Insurance Broker
Fleet Manager
Cargo Manager
Claims Handler
Compliance Officer
Maritime Operations Director
Port Captain
Shipping Line Manager
Marine Surveyor
Insurance Policy Administrator
Trade Finance Manager
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