A marine insurance policy contains the following particulars:
- Name of the ship
- Name of the parties
- The time of commencement and duration of the risk
- “Lost or not lost” clause whereby the insurer is made liable whether the goods were in existence or not at the time when the insurance was effected, except when the insured knew that the goods were destroyed already.
- “Touch and Stay” clause which mentions the various parts which the ship touches and the period of its stay at these parts.
- Accepted perils for which the insurer undertakes to be liable.
- “Free from capture and seizure” clause which exonerates the insurer from has liability for the loss arising out of the capture and seizure of the ship.
- “Free from particular average” or “Free from all average” clause whereby the insurer is exempted from his liability for any particular average loss or for all average loss caused to the subject-matter of the contract.
- “Barratry” clause relates to the liability of the insurer for the loss arising out of the wrongful act of the master or any of the crew of the ship.
- “Sue, Labour and Travel” clause which entitles the insured to minimize the loss and claim for expenses from insurer and to recover the goods lost by falling overboard accidentally.
- “Collision or running down” clause whereby the owner of an insured ship shall indemnify the owner of another ship if the former ship collides negligently with the latter.
- “Inchmaree” clause which protects the insured against any latent defect in the machinery of the ship.
- “Expected Perils” clause which specified the risks not covered by the insurance policy.
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