What does Inchmaree mean?
Inchmaree Clause — an ocean marine insurance provision adding coverage for damage directly resulting from the bursting of boilers, breakage of shafts, other mechanical failures, latent defects in the ship’s equipment or machinery, and faults or errors in the navigation or management of the ship.
What is peril of the sea?
Peril of the Sea — refers to extraordinary forces of nature that maritime ventures might encounter in the course of a voyage. Some examples of these perils include stranding, sinking, collision, heavy wave action, and high winds.
What is both to blame collision clause?
A both-to-blame collision clause is an insurance policy clause that says both vessel owners must share in the responsibility of a collision between ships if the crash was due to negligence. Marine insurance coverage includes such actions as ship sinking or collisions but does not cover wear and tear or war.
What is a voyage policy?
A voyage policy is marine insurance coverage for risks to a ship’s cargo during a specific voyage. Unlike most insurance policies it is not time-based but expires when the ship arrives at its destination. It covers only the cargo, not the ship that carries it. A voyage policy is also known as marine cargo insurance.
What is bunker clause?
A bunker clause stipulates that the charterer shall accept and pay for all fuel oil in the vessel’s bunkers at port of delivery and conversely, (owners) shall pay for all fuel oil in the vessel’s bunkers at port of re-delivery at current price at the respective ports.
What is marine adventure?
Marine adventure means any situation where insurable property is exposed to maritime perils, and includes any situation where the earning or acquisition of any freight, commission, profit or other pecuniary benefit, or the security for any advance, loan or disbursement, is endangered by the exposure of insurable …
What is new Jason clause?
The new Jason clause requires the cargo owner to contribute to the general average. The cargo owner has to pay for damages as caused by the negligence of the ship/carrier owner. Thus, the new Jason clause protects the ship owners in case of damage caused by the negligence of the shipowner or the crew.
What is a Cesser clause?
A cesser clause provides that the charterer’s liability for specified payments shall cease at a particular time, usually after shipment of the cargo. This type of clause is usually agreed in exchange of the shipowner’s lien on the cargo.
What is voyage of ship?
A ‘voyage’ means any movement of a ship that originates from or terminates in a port of call and that serves the purpose of transporting passengers or cargo for commercial purposes.
What is voyage number means in shipping?
The meaning of voyage is ‘long journey’ by sea or in space. 284′ is voyage number. (V stands for voyage). So, V. 284 means voyage 284 – 284th trip of said vessel.
What is the premium amount?
The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.
What happened to the cargo of the inchmaree?
In 1884, a ship containing extensive amounts of cargo called the Inchmaree suffered extensive cargo damage. This was not the result of a crash, a sinking ship, or even war-related damage. The cargo on the Inchmaree was damaged thanks to the breakdown of internal pumps, and the cargo was flooded and destroyed.
What is ‘inchmaree clause’?
What is ‘Inchmaree Clause’. An Inchmaree clause is found in maritime insurance policies and provides coverage for the ship’s hull from loss or damage caused by machinery.
What was inchmaree insured against?
Inchmaree was a steamship insured under a time policy, wherein the risks insured against included perils of the seas and ‘…all other perils, losses and misfortunes that have or shall come to the hurt, detriment, or damage thereof of the aforesaid subject matter of this insurance, or any part thereof.
What caused the sinking of the inchmaree?
The case involved the Inchmaree, a British steamer that sunk in Liverpool harbor in 1884. The ship’s cargo was damaged when an internal pump flooded the holding area, but the cargo owners’ claims were denied by the insurer because the damage was not caused by the “perils of the sea”.