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Flashcards in TB - Ocean Marine Insurance Deck (10)
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In Ovean Marine Insurance, which of the following is considered the most important implied warranty?


Seaworthiness

Condition of the Cargo

Legality

All of the above

Seaworthiness

1

In Ocean Marine Insurance, the term "average" means:


The ACV of the ship

The annual premium for the insurance policy

Loss or Damage

That coverage is written on a named peril basis

Loss or Damage

2

Protection and Indemnity coverage contained in an Ocean Marine policy covers:


Liability against injuries to seaman

Injury to stevedores, longshoreman and harbor workers

All of the above

All of the above

3

Protection and Indemnity coverage contained in an Ocean Marine policy covers:


Guaranteed the purpose of the voyage

Loss of the shippers fees

Marine legal liability for damages caused by the ship

Damage to another vessel caused by collision

Marine legal liability for damages caused by the ship

4

Although Ocean Mari e Hull and Cargo coverages are usually written on an open basis, they exclude losses caused by inherent vice. The term "inherent vice" means:


The potential of property to self destruct

Negligence by masters or meme era of the crew

Losses caused by the dishonesty of crew members

Any loss resulting from illegal activities

The potential of property to self destruct

5

In Ocean Marine insurance, wha is the purpose of the IVEL clause?


To pay for the loss of shippers fee

To require the insured to take all reason all steps to protect the property from further loss


To provide excess hull and collision liability coverage

To cover bulk shipments

To provide excess hull and collision liability coverage

6

What is meant by "Break Bulk" cargo?


Cargo shipped in a tanker ship

Cargo that is loosely packed such as ores

Loose cargo such as cartons

Containerization cargo

Loose cargo such as cartons

7

Which of the following is not essential in determining if a salvage award is to be made?


Life-Saving efforts

The property involved must be in peril from hazard

The salvage service must be voluntary

The effort must be successful

Life-Saving efforts

8

What is the purpose of freight insurance?


Covers loss to the cargo

Covers shipper fees

Covers the insurable interest of the shipper due to jettison of the cargo

Covers the cargo until it reaches the warehouse

Covers shipper fees

9

In case of a loss, how many days notice does the insured have after notification of a claim to submit the claim to the underwriters of the Ocean Marine coverage?


90 days

60 days

180 days

30 days

180 days