Marine Insurance

Question 1

Kollisionsexedentenversicherung

Answer 1

collision excess insurance

Question 2

Schadensverlauf

Answer 2

claim record

Question 3

ihr running down clause

Answer 3

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.

Question 4

H&M

Answer 4

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.

Question 5

P&I

Answer 5

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.

Question 6

FD&D

Answer 6

necessary legal assistance

Question 7

Human error

Answer 7

claims damages caused by a human mistake (not intended)

Question 8

Personal injury

Answer 8

when a person gets injured (mentally or physically. It can be extremely costly.

Question 9

time-barred

Answer 9

the law gives a time limit till when claims can be submitted.

Question 10

ligitation

Answer 10

the process of taking a legal action at a public court

Question 11

liability claim

Answer 11

when there is a loss or damage of something caused by a third party. this person or company can be held liable.

Question 12

instalments

Answer 12

regular payment for an insurance

Question 13

reinsurance

Answer 13

insurance are also insured as an back up in case a claim exceeds a certain amount.

Question 14

mutuality

Answer 14

the relationship between a P&I club and its members. It is a non profit organization.

Question 15

scope of cover

Answer 15

the damages which are covered in the insurance.

Question 16

deductible

Answer 16

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

Question 17

premium P&I vs normal

Answer 17

not fixed, refundable if les claims than expected as it is an non profit organization —–> fixed and not refundable

Question 18

bearer or the risk p&I normal

Answer 18

P&I it is the community of members =shipowner

normal the company itself and its underwriters who risk there personal wealth

Question 19

relationship

Answer 19

P&I longterm

eas to change and the can kick you out in case of a bad claim record

Question 20

P&I clubs bieten Versicherungsschutz für fast alle erdenklichen Haftpflichtschäden an

Answer 20

P&I Clubs offer cover for almost all possible liability claims.

Question 21

Der Versicherte hat die Wahl seine Raten monatlich oder vierteljährlich zu zahlen

Answer 21

The insurance holder can choose to pay monthly or quarterly instalments.

Question 22

die Rechtsberatung ist das wichtigste Angebot der P&I Clubs

Answer 22

the most important service that P&I clubs offer is legal advice

Question 23

P&I clubs basieren auf Gegenseitigkeit und sind nicht profitstrebens

Answer 23

P&I clubs are based ob mutuality and not on making profit.

Question 24

Personenschäden können sehr kostspielig sein

Answer 24

Personal injury claims can be extremely costly.

Question 25

Für außerordentlich hohe Schien haben Versicherungen eine Rückversicherung

Answer 25

For extraordinarily high claims insurers have a reinsurance.

Question 26

Der Deckungsumfang hängt vom Versicherungsvertrag ab.

Answer 26

the scope of cover depends on the type of insurance contract

Question 27

Die Regulierung eines großen Schadens dauert oft Jahre

Answer 27

the settlement of a big claim often takes several years.

Question 28

Nach einer gewissen zeit verjährt eine Schadensforderung

Answer 28

After a certain amount of time a claim can become time-barred.

Question 29

Deckung wiedererlangen durch Zahlung einer extra premie

Answer 29

to reinstate cover by paying an additional premium.

Question 30

einen Verlust erleiden

Answer 30

to incur a loss

Question 31

Lösegeld zahlen

Answer 31

to pay ransom money

Question 32

einen Gerichtsprozess vermeiden

Answer 32

to avoid litigation

Question 33

Mitversichern sorg für eine Risikostreuung

Answer 33

co-insurance provides a distribution of risk

Question 34

Sog und Schwellschäden an anderen Objekten

Answer 34

wake and swell damages to there objects

Question 35

oft ist es schwierig , einen Anspruch durchzusetzen

Answer 35

it is often difficult to enforce a claim

Question 36

um eine Prämie zu senken, kann eine Selbstbeteiligung vereinbart werden

Answer 36

to reduce the premium a deductible can be included in the contract