Marine Insurance Flashcards
Kollisionsexedentenversicherung
collision excess insurance
Schadensverlauf
claim record
ihr running down clause
75% of the insured value of the vessel can be used a second time for the damage or loss of the other vessel . The last quart remains with the shipowner but is usually covered by the P&I insurance.
H&M
provides insurance cover for the ship, its machinery and its equipment. It also provides contribution to GA and salvage and part of the liability for the damages to other ships in a collision.
P&I
provides cover for third party liabilities. Protection strands for the risk arising from human , ships & others.
Indemnity means the shipowners liability arising from the carriage of cargo.
FD&D
necessary legal assistance
Human error
claims damages caused by a human mistake (not intended)
Personal injury
when a person gets injured (mentally or physically. It can be extremely costly.
time-barred
the law gives a time limit till when claims can be submitted.
ligitation
the process of taking a legal action at a public court
liability claim
when there is a loss or damage of something caused by a third party. this person or company can be held liable.
instalments
regular payment for an insurance
reinsurance
insurance are also insured as an back up in case a claim exceeds a certain amount.
mutuality
the relationship between a P&I club and its members. It is a non profit organization.
scope of cover
the damages which are covered in the insurance.
deductible
the amount of money which the shipowner has to pay himself in case of a claim. The higher the deductible the lower the premium. The deductible was installed to make the owner more prudent of smaller claims and its administration costs
premium P&I vs normal
not fixed, refundable if les claims than expected as it is an non profit organization —–> fixed and not refundable
bearer or the risk p&I normal
P&I it is the community of members =shipowner
normal the company itself and its underwriters who risk there personal wealth
relationship
P&I longterm
eas to change and the can kick you out in case of a bad claim record
P&I clubs bieten Versicherungsschutz für fast alle erdenklichen Haftpflichtschäden an
P&I Clubs offer cover for almost all possible liability claims.
Der Versicherte hat die Wahl seine Raten monatlich oder vierteljährlich zu zahlen
The insurance holder can choose to pay monthly or quarterly instalments.
die Rechtsberatung ist das wichtigste Angebot der P&I Clubs
the most important service that P&I clubs offer is legal advice
P&I clubs basieren auf Gegenseitigkeit und sind nicht profitstrebens
P&I clubs are based ob mutuality and not on making profit.
Personenschäden können sehr kostspielig sein
Personal injury claims can be extremely costly.
