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3/17/2012 KAREN JOY LATUMBO

Marine Insurance
1. Definition Also Transportation insurance, it is concerned with the perils of property in ( or incidental to)transit as opposed to property perils at a generally fixed location. Contract of indemnity Valued or open policy In the absence of waiver by the insurer, consent is essential in the assignment of a marine policy.

Fire Insurance
A contract of indemnity by which the insurer, for a stipulated premium, agrees to indemnify the insured against loss of, or damage to, a property caused by hostile fire Contract of indemnity Valued or open policy After a loss has occurred, the insured may pledge, hypothecate, or transfer a fire insurance policy or rights there under. This he may do so without the consent of, or notice to, the insurer. (Secs. 21, 83) Subject to the prohibition

Life Insurance
Insurance on human lives and insurance appertaining thereto or connected therewith. (Sec. 179)

2. Nature of contract 3. Kind of policy 4. As to consent of assignment

Contract of investment Valued policy A policy of insurance upon lif or health may pass by transfer, will or succession to any person, whether he has an insurable interest or not, and such person may recover upon it whatever the insured might have recovered (Sec. 181)
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Marine Insurance

Fire Insurance
against the transfer of a policy to any person or company who acts as agent or otherwise represents the insurer. Any such pledge, hypothecate, or transfer shall be void and no effect insofar as it may affect other creditors of the insured (Sec. 173)

Life Insurance

5. As to the insurable interest

A person has an insurable interest if he will suffer in the vent of loss of, or damage to, the subject matter. In case of a vessel- by the owner or by one who holds mortgage on the vessel if money has been borrowed In case of cargo- by the shipper or the consignee depending

Insurable interest in the property insured must exist not only when the insurance takes effect but also when the loss occurs

The contract, not being one of indemnity, does not require the insurable interest to continue.

Marine Insurance
upon the terms of sale In case of a vendee/ consignee of goods in transit- by vendee or consignee 6. Scope In Marine Insurance Ships or hulls Goods or cargoes Earnings such as freight, passage money, commissions, or profits and Liability incurred by owner or any party interested in or responsible for the insured property by reason of maritime perils According to the divisions of the Inland Marine insurance Property in Transit

Fire Insurance

Life Insurance

As used in this Code, the term fire insurance shall include insurance against loss by fire, lightning, windstorm, tornado or earthquake and other allied risks, when such risks are covered by extension to fire insurance policies or under separate policies. (Sec . 167)

Life of a person

Marine Insurance
Bailee liability Fixed Transportation property Floater 7. Measure of indemnity A valuation in a policy of marine insurance is conclusive between the parties thereto in the adjustment of either s partial or total loss, if the insured has some interest at risk, and there is no fraud on his part; except that when a thing has been hypothecated by bottomry or respondentia, before its insurance, and without the knowledge of the person actually procuring the insurance, he may show the real value. But a valuation fraudulent in fact, entitles the insurer to rescind the contract. (Sec. 156)

Fire Insurance

Life Insurance

If there is no valuation in the policy, the measure of indemnity in an insurance against fire is the expense it would be to the insured at the time of the commencement of the fire to replace the thing lost or injured in the condition in which it was at the time of the injury; but if there is a valuation in a policy of fire insurance, the effect shall be the same as in a policy of marine insurance. (Sec. 171)

Un less the interest of a person insured is susceptible of exact pecuniary measurement, the measure of the indemnity under a policy of insurance upon life or health is the sum fixed in the policy (Sec. 183)

Marine Insurance
8. As to loss (Limited Liability Rule) the ship owners or ship agents liability is usually co extensive with his interest in the vessel such that a total loss thereof results in its extinction. Except, when a ship owner or ship agent may be held liable for damages when the sinking of the vessel is attributable to the actual fault or negligence of the ship owner or its failure to ensure the seaworthiness of the vessel.

Fire Insurance
In case of a total loss, the insured can recover the whole amount so insured as stated in the policy and in case of partial loss, the full amount of the partial loss. If the thing is insured under two or more policies, ach policy shall contribute pro rata to the payment of such whole or partial loss

Life Insurance
The loss to the beneficiary caused by the death of the insured can seldom be measured accurately in terms of cash value.