TB - Ocean Marine Insurance Flashcards
In Ocean Marine Insurance, the term “average” means:
The ACV of the ship
The annual premium for the insurance policy
Loss or Damage
That coverage is written on a named peril basis
Loss or Damage
In Ovean Marine Insurance, which of the following is considered the most important implied warranty?
Seaworthiness
Condition of the Cargo
Legality
All of the above
Seaworthiness
Protection and Indemnity coverage contained in an Ocean Marine policy covers:
Liability against injuries to seaman
Injury to stevedores, longshoreman and harbor workers
All of the above
All of the above
Protection and Indemnity coverage contained in an Ocean Marine policy covers:
Guaranteed the purpose of the voyage
Loss of the shippers fees
Marine legal liability for damages caused by the ship
Damage to another vessel caused by collision
Marine legal liability for damages caused by the ship
Although Ocean Mari e Hull and Cargo coverages are usually written on an open basis, they exclude losses caused by inherent vice. The term “inherent vice” means:
The potential of property to self destruct
Negligence by masters or meme era of the crew
Losses caused by the dishonesty of crew members
Any loss resulting from illegal activities
The potential of property to self destruct
In Ocean Marine insurance, wha is the purpose of the IVEL clause?
To pay for the loss of shippers fee
To require the insured to take all reason all steps to protect the property from further loss
To provide excess hull and collision liability coverage
To cover bulk shipments
To provide excess hull and collision liability coverage
What is meant by “Break Bulk” cargo?
Cargo shipped in a tanker ship
Cargo that is loosely packed such as ores
Loose cargo such as cartons
Containerization cargo
Loose cargo such as cartons
Which of the following is not essential in determining if a salvage award is to be made?
Life-Saving efforts
The property involved must be in peril from hazard
The salvage service must be voluntary
The effort must be successful
Life-Saving efforts
What is the purpose of freight insurance?
Covers loss to the cargo
Covers shipper fees
Covers the insurable interest of the shipper due to jettison of the cargo
Covers the cargo until it reaches the warehouse
Covers shipper fees
In case of a loss, how many days notice does the insured have after notification of a claim to submit the claim to the underwriters of the Ocean Marine coverage?
90 days
60 days
180 days
30 days
180 days
