A marine insurance policy has a different type of clauses which is issued to meet the requirements of insured which are incorporated in the policy. The clauses determine the extent and scope which are inserted in the policy. The important conditions are issued under a policy.
7 Important clauses in marine insurance are:
1. Name of the insured: In a marine insurance policy, the name has to be inserted. The name of only those persons will be valid who have an insurable interest in the subject matter.
2. Assignment clause: All policies can be so assigned, in favor of the person to whom the interest in the subject matter insured may be transferred. The policy may be assigned to any person who has an insurable interest.
3. Lost or not lost: sometimes the merchants received information on the shipment of their cargoes. In such cases, both the assured and the underwriter were ignorant about the safety of the goods. Lost or not lost clause has been included in the policy which makes the underwriter liable to indemnify the insured.
4.Warehouse to warehouse clause: This clause provides coverage from one place to another. Goods are transferred from originating warehouse to terminating warehouse.
5.Delay: The vessel must sail from the agreed part within a reasonable time and the voyage must be complete with a reasonable time otherwise insurer will not be responsible. The ship must start sailing from a specified port without an unreasonable delay.
6. Valuation clause: It specifies the subject-matter insured in the policy and the description of the goods insured along with the details of quantity and shipping marks, weight. The valuation clause lays down the value of subject -matter insured.
7.Name of the master: In a marine Insurance policy, the name of the master is inserted and once the name of the master is filled then it cannot be changed except.
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