Vocabulary

• to insure

• the insured (the assured)

• the insurer

• to suffer loss (to incur loss)

• to obtain indemnity

• to cover risks

• to take out insurance

• insurance cover

• trade venture

• unforeseen casualties

• to meet loss

• scrap yard

• подвергаться чему-либо

• тонуть

• столкнуться (о судах)

• страховать

• застрахованное лицо (страхователь)

• страховщик, страх.компания, оказывающая услуги по страхованию

• терпеть убытки

• получить компенсацию

• стихийные бедствия

• хищение

• поломка (повреждение)

• покрыть риски

• застраховаться

• затопление

• вредители

• воровство

• страховое покрытие

• частная авария

• общая авария

• делить

• покрывать убытки

• непредвиденные случаи

• торговое соглашение

• собственность

• склад лома

• списать в расход

• наличные товары

• зависеть от…

• генеральный полис

• невалютированный полис

• валютированный полис

• договор страхования рисков кораблестроителя

• предел ответственности страховщика по одному судну

• гарант (страхователь), тот, кто застраховывает

• перестрахование

• предполагать (to infer)

• получить страховой полис

• объект договора

Additional information for discussing

Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Cargo insurance is a sub-branch of marine insurance.

Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as 'Hull and Machinery' (H&M). A more restricted form of cover is 'Total Loss Only' (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss.

Protection and indemnity

A marine policy covered only three-quarters of the insured’s liabilities towards third parties. In the 19th century, shipowners banded together in mutual underwriting clubs known as Protection and Indemnity Clubs (P&I), to insure the remaining one-quarter liability amongst themselves. These Clubs are still in existence today and have become the model for other specialised and uncommercial marine and non-marine mutuals, for example in relation to oil pollution and nuclear risks.

Actual Total Loss and Constructive Total Loss

These two terms are used to differentiate the degree of proof where a vessel or cargo has been lost.

An Actual Total Loss refers to the situation where the position is clear and a Constructive Total Loss refers to the situation where a loss is inferred. In practice, a Constructive Total Loss might also be used to describe a loss where the cost of repair is not economic; i.e. a 'write-off'.

The different terms refer to the difficulties of proving a loss where there might be no evidence of such a loss. In this respect, marine insurance differs from non-marine insurance, where the insured is required to prove his loss.

Average

The term 'Average' has two meanings:

(1) In marine insurance, in the case of a partial loss, or emergency repairs to the vessel, average may be declared. This covers situations, where, for example, a ship in a storm might have to jettison certain cargo to protect the ship and the remaining cargo. 'General Average' requires all parties concerned in the venture (Hull/Cargo/Freight/Bunkers) to contribute to compensate the losses caused to those whose cargo has been lost or damaged. 'Particular Average' is levied on a group of cargo owners and not all of the cargo owners.

(2) In the situation where an insured has under-insured, ie. insured an item for less than it is worth, average will apply to reduce the amount payable. There are different ways of calculating average, but generally the same proportion of under-insurance will be applied to any payout due.