Commercial InLand And Ocean Marine Flashcards
In inland marine policy created by a bureau such as ISO is called:
Controlled
A marine vessel owner may ensure against the loss of income due to failure to deliver cargo with:
Freight coverage
Ocean cargo coverage that covers goods of a certain class up to certain limits with valleys to be declared subsequently with no termination date is called:
Open
The running down clause would cover which of the following damages:
Negligent damage to another ship.
A deductible under which there is no payment for loss until a certain amount of loss is reached, then the loss is paid in full, is called:
Franchise
The ocean marine clause that pays the cost to save goods from loss, or minimize loss is called:
Sue and labor
Throwing part of ship or cargo overboard is called:
Jettison
A standard provision for which has been published and filed for uniform used by the bureau is called:
Controlled
And ocean marine policy has a franchise deductible with the 5% limit. If cargo is insured for $100,000 and suffers a $2500 loss the carrier would:
Pay nothing
A particular average is:
A partial loss
Fried by the crew and master with the intention of receiving gain at the owners expense is called:
Barratry
Vessel is $1 million. Value of cargo is $1 million. To save shit and cargo captain was jealous and $50,000 of debt cargo. This saves the venture. The vessels carrier will pay:
$25,000
Voluntary sacrifice which successfully saved the ship and is born proportionally by all interest engaged in the venture is called:
General average
And inland marine policy created by one company for its customers is called:
Uncontrolled
Protection and indemnity insurance covers all of the following situations:
Ship unreliable to passengers of another ship his has collided with, shit on her liable to passengers of his own ship her in a collision, shipowner liable for damage to car go on his trip due to a collision.
