Marine Cargo Transportation Insurance
by Hugo Mendieta
1. Block Policies
1.1. Goods sent in small consignments
1.1.1. Overland waterways
1.1.2. inland waterways
2. Open covers
2.1. cover all assured shipments
2.1.1. On specific time
2.2. Automatically covered
2.3. Not legally enforceable
2.3.1. Trust in good faith
3. S.G Policy Form
3.1. Sue and labour clause
3.1.1. Encourage to minimize loss
3.2. Assignment clause
3.2.1. Freely assignable from hand to hand and many cases
3.3. Marine Insurance act 1906
3.4. Waiver Clause
3.4.1. assured or insured won´t be prejudiced for any property safeguard action
4. Floating Policy
4.1. issued for fixed amount
4.2. insured certain amount of shipments
4.3. Policy depends on the amount or size of declarations made it
4.4. Includes a schedule of voyage and rates
4.4.1. Provides alternative conditions
4.5. Expires when the sum is exhausted
5. Institute Clauses
5.1. Free of Particular Average
5.1.1. Doesn´t cover fortotious loss
5.2. W.A with average
5.2.1. Cover partial and total lost
5.3. All risks
5.3.1. including extaneous risks