Insuring Cargoes - A Practical Guide to the Law and Practice
This book is a comprehensive guide to underwriting and claims practices for insurance practitioners. It covers topics such as marine insurance and international trade, the basic principles of marine cargo insurance, cargo loss prevention, policy construction and insurable interest.
This book covers extensive insurance subjects and is supported by case laws from the UK, USA, Canada and Australia. It provides a detailed analysis of the fundamental principles of marine insurance and how modern practices interpret these principles. It also explains ‘duration of cover’ in Institute Cargo Clauses, giving the reader practical solutions. It explores salvage sales using the internet, examining how developed markets address the question of product liability and brand issues. The book is a useful tool for law firms, underwriters, adjusters and surveyors.
- The book begins with the chapter on International Trade and Marine Insurance. It details various "cargo families" and their exposure to damage, major commodities, dangerous goods, the "container revolution", restrictive legislation etc.
- A detailed analysis of the fundamental principles of marine insurance as enshrined in the Marine Insurance Act of 1906 and how modern practices interpret such principles including: good faith, insurable interest, indemnity, adjustment examples of double insurance, successive losses, growing tendency of adjusting partial loss on salvage loss basis instead of MIA1906 basis.
- An analysis of the practical application of the Institute Cargo Clauses(1983 as well as 2009 editions) as well as comparative clauses used and adopted by other markets such as Sweden, Norway, France, Germany, Canada and USA.
- An analysis of specific Institute clauses addressing certain types of cargo risk: including Frozen Food clauses, Institute Replacement Clause etc.
- An analysis of specialty clauses such as Machinery clause and Brands & Control of Damaged Goods clause etc designed to address more current specific underwriting and claims challenges, stock throughput and annual sales turnover policies.
- There is an in depth discussion on INCOTERMS , Insurable Interest and Sellers Contingency covers. The book deals at length on insurable interest and how modern?practitioners?in?London and the United States offer a wider interpretation to questions regarding insurable interest. There is an interesting discussion regarding the tendency on the part of many insurers in the UK and the US markets to virtually ignore the risk distribution between seller and buyer and issue a warehouse to warehouse cover irrespective of sale terms.
- "Physical loss or damage" to goods and how notions of "physical" damage has evolved over time. Especially for hi-tech and pharmaceutical industries. Other topics under this heading include: brand protection, removal of logos and brand names, manufacturer's warranty, fear of loss?issues?and?control over damaged goods.
- Another highlight of the book is a detailed analysis of "Duration of Cover" in Institute Cargo Clauses. A number of complex situations are spelt out and analysed. Practical solutions are offered to the reader.
- The book deals with salvage sales using the internet including how developed markets address the question of product liability and brand issues by permitting sale of damaged cargoes by removing labels/brand and other trade marks prior to sale.
- "Insuring conditions" including commentaries on per bottom/location limits, certificate of insurance versus open covers, treatment of warranties in different markets, detailed analysis of deductible excess, deductible excess and ‘normal loss’ ,interpretation of various extraneous perils such as non delivery, heat sweat, spontaneous combustion, burden of proof, rules of construction etc
- A chapter dedicated to Loss Prevention
In dealing with the above and many other topics, comparisons are made between marine underwriting and claims practices in the London, US, German, Norwegian and French Norwegian markets. Comparative market analysis and discussion is essential yet to date, it has been lacking in other publications on the subject.
This 544 page book, based on the author’s industry experience and extensive research, will be an invaluable tool for law firms, underwriters, brokers, adjusters, surveyors, forwarders and traders.
Click [http://www.youtube.com/watch?v=Q3SZtFvclZs, here] to view the youtube video
1 Marine Insurance And International Trade
1.1 The Need For Marine Cargo Insurance
1.2 Cargo Classification
1.3 The Container Revolution
1.4 Vessels and Classification
1.5 Financing of International Trade
2 Basic Principles of Marine Cargo Insurance
2.1 The Assured
2.3 Agreed Value – A Detailed Discussion
2.4 Utmost Good Faith and Disclosure
3 Current Trends in Determining Depreciation
3.1 Increasing Use of Salvage Loss Method Rather than PAM
3.2 Are Instances of Salvage Sales Decreasing?
3.3 Other Methods of Determining Depreciation
3.5 Manuscript Wordings Currently in Vogue and their Impact on Indemnity
3.6 Other Modification to MIA 1906 Provisions
3.7 Other Commonly Used Clauses
4 Insurable Interest
4.1 General Introduction
4.2 Assignment of Interest and Policy
4.3 Incoterms (International Commercial Terms)
4.4 The Risk vs Title Dichotomy
4.5 Modern Trends in UK and US Markets
4.6 CIF Term and Nature of the Insurance Policy
4.7 For Whom it May Concern
4.8 Banks and Marine Insurance
5 Contingent Insurable Interest
5.1 The Origin of Seller’s Interest Cover
5.2 Key Features of Seller’s Interest Covers
5.4 Buyer’s Interest and Difference in Conditions
5.5 Specimen Wordings
6 Marine Open Cover
6.1 Open Cover
6.2 Limits of Liability
6.3 Example of Limits per Bottom and Location Operating
6.4 Certificate System Under an Open Cover
6.5 Annual Sales Turnover Policies
6.6 Stock Throughput Policies
7 Insuring Terms 1 – Institute Cargo Clauses (A), 1.1.82 209
7.1 MAR Policy Form
7.2 Institute Cargo Clauses (A) 1982
7.3 Duration of Cover
7.4 Termination of Transit – Some Further Issues
7.5 Other Clauses of the ICC (A)
8 Insuring Terms 2 – The New Institute Cargo Clauses – A, Cl. 382, 1.1.09
8.1 General Changes
8.2 Institute Cargo Clauses 2009 – A Detailed Analysis
8.3 Duration of Cover
8.4 Other Clauses
9 Insuring Terms 3 – Frozen Food Clauses
9.1 Temperature Controlled Cargoes
9.2 Underwriting Considerations
9.3 Temperature Recording Devices
9.4 Institute Frozen Food Clauses
9.5 Frozen Food Clauses, Some Issues
9.6 Frozen Foods and Perishables Claims
10 Other Institute Clauses and Endorsements
10.2 (B) and (C) Causation
10.3 (B) and (C) Exclusions
10.4 Comparison of ICC (B) with Extended Transport Accident – B Clauses of Norwegian Market
10.5 Institute Classification Clause
10.6 Radioactive Contamination Clause
10.7 Termination of Transit (Terrorism) JC2001/056
10.8 ISM Endorsements
10.9 ISPS Endorsements
11 Construction of a Policy and Extraneous Perils
11.1 Rules for Underwriting
11.2 Some Manuscript Wordings
11.3 Rules of Construction
11.4 Rules of Proximation
11.5 Burden of Proof
11.6 Need for Careful Drafting of Policies
11.7 Extraneous Perils
12 Physical Loss or Damage to Cargo
12.1 Changing Trends
12.2 Widening of Cover
12.3 Manufacturer’s Guarantee or Warranty
12.4 Guaranteed Outturn Covers
12.6 Treatment of Delay in Marine Insurance Policies
13 Physical Loss or Damage to Cargo – Other Claims Issues
13.1 Concealed Damage or Delayed Discovery of Loss
13.2 Shortage from ‘Seal Intact’ Containers
13.3 Sweat Damage
13.4 Odour Claims
13.5 Vermin Damage
13.6 Pollution Hazard Clause
13.7 General Average (GA)
13.9 Nature of LOF (and other forms of salvage) – Liability under Clause 2 or 16 of ICC?
13.10 Exchange Rates in Marine Cargo Insurance
14 Cargo Loss Prevention – Including Some Current Trends
14.1 Loss/Damage from Container Shipments
14.2 Damage Detection Devices
14.3 Dry Bulk Cargoes
14.4 Project Cargo
14.5 Difficult Destination
KS Vishwanath MA(Econ) is an underwriter and adjuster of international repute. Starting his career in 1981, he has since held several senior management roles and has spoken on insurance at prestigious forums worldwide. Vish now works as a freelancer, offering consultancy on all classes of insurance business, including risk management.
- Number of Pages:
- Published Date:
- January 2010
- Binding Format:
- Book Height:
- 244 mm
- Book Width:
- 189 mm
- 1.6 kg
K S Vishwanath
(Posted on 07/11/2013) It's like a missing puzzle for my master of law thesis completion
(Posted on 13/06/2011) If you’re reading or watching this review, you are probably a shipping practitioner faced with complex claims which tend to hinge on detail and minute practicalities. Or perhaps you’re an insurer, owner, or claims adjuster confronted by complicated underwriting issues. If you’re in any way professionally involved in marine cargo insurance, read this book. You could well find the answer to most -- if not all -- of your enquiries in it. As you’ll discover, it’s thoroughly researched and readable -- and in our view (although we are not experts in this field) it should be required reading, not just for legal practitioners, but also -- as the author points out -- for underwriters, brokers, forwarders, surveyors, P & I Clubs, cargo owners and shippers. The sub-title, ‘a practical guide to the law and practice’, is certainly apt. As Vishwanath is an underwriter and adjuster himself, the emphasis is placed on what has happened, what can happen, and what actually does happens to marine cargoes -- and the insurance implications and consequences which can result. To cite only one example; the consequences of an improperly drafted insurance policy on a cargo can be financially disastrous, whether for individuals or companies. This book can certainly alert practitioners and all others concerned to the contingencies and risks that may impact on a particular cargo and on a particular voyage. The specific aim here is obviously to construct insurance cover that is -- no pun intended – watertight! Unlike most other books of its kind which focus on the London market and on risks placed in that market, Vishwanath’s book is global in its scope and orientation, with detailed comment on and almost innumerable case references to, issues and events drawn not just from London, but from a number of other jurisdictions, including France, Norway and the US. The book is also an invaluable source of technical information in plain English, much of it illustrated graphically with photos and diagrams. It’s therefore intelligible not just to the techies of this world, but to the general informed reader. For further ease of reference, crucial points are highlighted and footnoted where appropriate. Of particular note, there’s an exhaustive and highly detailed chapter four on Incoterms and Insurable Interest included in this edition, with a separate chapter on Seller's Contingency Insurance. None of the contemporary books available on the insuring cargoes contain such a detailed commentary on practical issues concerning these topics which will be most useful to some readers. So, for practitioners and insurance professionals, not to mention students in this field, ‘Insuring Cargoes’ is a welcome contribution to the literature of cargo insurance and the development of coverage and clauses in international markets, describing in a refreshingly topical way the actual practice of the principles involved.
(Posted on 07/01/2011) I am reading your book. It’s the best book on marine insurance that I have read to date. I am sure the book will be a success in U.S.A.
(Posted on 07/01/2011) Your book stands out compared with other books on this subject in the sense that the text is straight forward and understandable to people outside the small group of marine lawyers and insurers. The illustrations and your practical approach will undoubtedly make this book essential reading for insurers, lawyers and other involved persons who lack practical experience in handling and shipping cargo. Old stagers will also have something to learn from your book
(Posted on 07/01/2011) Compared to other works and publications I have seen, your analysis of these topics is very profound, unprecedented, original...