marine & accident insurance

a    MARINE INSURANCE

Marine insurance is the contract under which the insurer or underwriter undertakes to the marine against the losses incidental to marine adventure. Marine insurance is really transportation insurance .Marine insurance may be defined as the form of insurance covering loss or damage to  verses  or to cargo or passengers  during transportation on the high sea..

Marine insurance covers both land risk (inland marine) and Sea risk(ocean marine)

Ocean marine insurance covers  losses that  occurs on the high seas, such as loss of the vessel, loss of the cargo,  and any other legal liabilities  that may arise  as a result of such a calamity.

Inland marine insurance  covers the hazards involved in shipping  goods by rail, truck, airplane, steamer or barge

Ocean marine is further divided into

·         Cargo insurance

·         Hull insurance

·         Freight insurance

All the mentioned has an insurable interest to the person who takes or hold the policy.

The following has the insurable interest to the  marine  insurance

Generally marine insurance contract property interest

        I.            The vessel or hull – This is interested by the ship owner to insure ship  itself against loss or damage resulting from five storm collision with other vessel or rock and sinking .

      II.            The cargo-This is when the cargo (goods or merchandised) carried by the ship is insured in ships .This covers risk resulted from sinking a fire “all risk “and  normally this is done by a Trader or the owner at the cargo or goods.

  III.            Freight insurance

This is the cost of transport the goods .This may be insured in several different ways .If the freight revenue  is contingent upon safe delivery of goods ,the carrier insures the freight as part of regular hull coverage

ALSO

   IV.            A creditor who has advanced money on such a ship as cargo has an insurable interest to the extent of his claim

     V.            The master and the crew of the ship have in respect of their wage

Other principles applied to marine insurance involves:

a)       Utmost good faith

b)      Indemnity principles

Marine insurance policy contains the term and conditions under which the marine insurance is issued.

The policy contain the following information;

-          The particulars about the property,

-           risks or hazard covered

-          the amount of insurance premium

-          the period ,

-          the rate of premium etc.

                                                  PERILS OF THE SEA

The risk insured are commonly known as perils of the sea .example

-Storm, rocks, collision  of ships ,BURNING OF SHIPS,SINKING OF the ship, spoilage of cargo from sea water, privacy.

SIGNIFICANT OF MARINE INSURANCE

-  Marine insurance facilitate international trade since Bulky at goods in the world are transported by the ship

-It is the traders shield against perils at seas as they are compensated on the destruction of the ship or  

    cargo

KINDS OF MARINE INSURANCE

     To congregate the changeable  demand of the insured persons, different kinds of marine insurance are issued. These policies  are

·         Valued policy

·         Open-or invaluable policy

·         Voyage policy

·         Time policy

·         Mixed policy

·         Floating policy

·         fleet policy

·         Wager policy

1.       VALUED POLICY

This is the one under which the value of the subject- matter is insured is specified on the face of the policy itself. Thus the amount to be paid in the event of total loss agreed upon between the insurer and the insured at the time of insurance only , and therefore there is no need of partial loss

           The value which is agreed upon is called the insured value .If forms the measure of indemnity in the event of loss. Insured value is not necessary the actual value .It include the following items

                                                       I.            Invoice  cost of the goods

                                                     II.            Freight, insurance and other charges

                                                  III.            10%( the percentage will vary as per the agreement)margin to cover expected profit and other incidental expenses

Valued policy is very useful for insuring cargo the values of which often change during voyage on account of market fluctuations

2.       OPEN OR UNVALUED POLICY

It is a policy under which the value of the subject matter insured is not agreed upon at time of affecting insurance but has to be ascertained whenever property insured is lost or demanded

3.       VOYAGE POLICY

It is a policy which cover the subject matter for the duration of particular voyage ,no matter how long time it may take. Under such policy the contract is to ensure the subject matter from one part to another.

In such a policy the port of departure and the port of destination serve as the basis to determine the risk covered .

Usually cargoes which are exposed to the perils of the sea during transportation re insured under the voyage policy

4.       TIME POLICY

It is one under which the insurance is effected for a specified period of time, usually not exceeding twelve months. Time policy is generally used in connection with the insurance of ship.

Such policies generally contains a clause starting that “ if the voyage is not completed before expiry of the period mentioned in the policy , the subject matter of the insurance shall be covered by the policy until the voyage is completed or a period not exceeding one month.

5.       MIXED POLICY

Is the policy which cover the risk for both a specific voyages and for a period of time.

It may be defined as a policy covering a vessel during all its voyages from one named port to another named port during a specified period.

Thus it is a mixture of time and voyage policy.

6.       FLOATING POLICY.

This covers losses on particular route for a specific period. It is the one under which subject matter of insurance is describe in general terms without specifying the ship or ships or other particulars.

Floating policy is generally used by merchants who regularly dispatch or receive goods to be shipped within a stipulated period by one policy.

One policy for a round sum is taken out in which it is stated that, the contract is to cover the goods or merchandise to deterred from time after the date of the contract.

Whenever goods are dispatch, the insured makes ’’declaration in declaration form “giving full  particulars about the shipment.

On receiving these delegation, The insurer reduces the total sum of the policy by the amount that premium the policy by the amount of premium the policy remain open till the sum of the policy is completely exhausted as a result of such reduction at the time of each declaration.

When it is exhausted the policy is taken as fully declared or run off and the sum of the policy is closed.

It means that any additional shipment by the insured will not be covered by that policy .New policy will have to be taken to cover it.

Floating Policy is also known as OPEN or Declaration policy

7.       Fleet policy

By which several vessels belonging to one owner are insured under the same policy

8.       WAGER POLICY

This is the policy held by a person who has no legitimate insurable interest in subject matter at the insurance and this in effect is simply betting with the insurer that he will suffer a loss

Because of their possible gambling nature, such policies are not enforceable at law but they are not illegal provided the interest exist and continue to be .

Such policies are sometimes termed PPI POLICIES (POLICY IS PROOF OF INTEREST)  

                                                                           ( mugal v2 page 186)

STAGES IN AQUIRING MARINE INSURANCE POLICY

Introduction
The method adopted in effecting a contract of marine insurance differs from that of fire, life and accident.  In marine business is almost  invariably placed  through a broker, who on receipt of instructions  from the principle, make out an abbreviated  memorandum of the risk which is termed an original slip.

If you are looking for a marine insurance policy, here are the steps that you need to take=

1. Choose between Broker or Insurance Company = After choosing a suitable marine insurance policy, it is essential to decide to whom you should approach for the policy. As the world of corporate insurance is tricky, it is always good to take the help of corporate insurance advisors to ease your work. The broker, who possesses, specialized knowledge about various insurance policies would provide you all the important information to take out a marine insurance policy without delay. The broker would not only help in buying a marine insurance policy but would also help in case of claim settlement.

2. Choose the Marine Insurance Company= There are various insurance companies in Tanzania , including both government and private, which are offering marine insurance Choosing the one insurer is essential.

3. Fill Marine Declaration Form= Usually, a proposal form is required to be submitted to the marine insurance company to initiate the process. In case of marine insurance, you would have to submit a marine declaration or requisition form.

This form requires the proposer to submit all the details about the risk, like the items to be shipped, the name of the policyholder, value of goods, name of the carrying vessel, a place where the claim takes place, etc. If you are taking the help of insurance advisor, you can submit your form to him who would clearly review your form to ensure it is in order. After that, it would pass on the form to the marine insurance company. Here, you can note that your marine insurance coverage should include your cost of goods along with shipping expenses, plus, 10% or 15% added for anticipated profits.

4. Assessment of Risks= Once the marine declaration form is received by the insurer, their officials would evaluate the risks. The risk insured must be present in the condition as stated in the declaration form. The officials after ascertaining the risk involved would decide the premium which would require being paid by the insurer along with the stamp fee.

5. Payment of Premium= Once the insurer submits the declaration form, the proposer is asked to pay the insurance premium as fixed by the marine insurance company. Here, the premium that needs to be paid should be either in cash or cheque. You can adopt any other mode of payment as decided by the insurer

6. Issuance of Cover Note  = Once the premium is paid, the marine insurance company would issue a cover note, which would be subject to the condition as stated by the insurer in the policy document. The cover consists of details like name of the marine insurance company, sum insured, the name of the policyholder, name of the vessel, ports of destination and departure, premium rate, etc.

7. Issuance of Marine Insurance Policy= Finally, the insurer would prepare and issue marine insurance policy which would have complete details about your policy. The same would be handed over to you.

TERMS/CLAUSE OF MARINE INSUARNCY POLICY

Many of the terms in the policy have importance legal significance some of the terms are as follows

1.       LOST OR NOT LOST

 A clause used in ocean marine insurance which states that the insurer will pay even if the loss insured against has occurred prior to the effecting of the insurance. The company would, of course, not be liable if the policyholder knew that the loss had occurred when ordering the insurance.

            This applies to cases where at the time the insurance is taken out neither of the parties is taken out neither of the parties knows whether a ship already on its voyages is still in existence and safe.

2.       AT AND FROM

‘At’ and ‘From’ Clause= It signifies to the time when the risk would start. As per the clause, the risk cover would start when the ship is there at the port for the departure and from the time it leaves the port.

Where a marine policy insures a ship at and from a particular place and the ship is at that place and the ship is at that place in good safety when the contract is concluded, the risk attaches when the contract is concluded.

Where the marine policy insures  chartered freight at and from a particular place and the ship is not at that place .when the contract is concluded, the risk attaches when the ship arrives there in good safety and unless the policy otherwise provides ,It is immaterial that the ship is insured by another marine policy for a specified time after arrival.

Summary

If the ship is already lying at the given part in a good safety, The risk is covered immediately, The policy is concluded.

If she is not already there the risk is covered as soon as she arrives

3.       TOUCH AND STAY

Touch and Stay Clause= As per the clause; the ship should go and stay only at those points which are clearly mentioned in the marine insurance policy. In case the ports are not mentioned in the policy document, the ship must take the customary route and stay at the port which comes on that route In case the ship goes to any other port, it will be termed as the deviation.

This term authorizes the insured ship to call at a certain specified port in the course of voyage.

It means that the clause permits the ship to touch and stay at such port and such order as mentis in the policy. It means that the clause permits the ship to touch and stay at such port and in such order as mentions in the policy.

            If nothing specific in this respect is mentioned in the policy the ship must touch and stay at port which are usually called at in that particular trade route. Any departure  from the  route mentioned in the policy or the ordinary route followed in the trade will be considered  as deviation.

4.       PERIL OF THE SEAS

The term refers only to fortuitous accident or casualties at sea , including negligent  navigation by the insured  or his servants ( captain and crew) it does not cover  the action of the wind or waves unless  it is of an usually violet nature and excluded perils as defined by section 55, marine insurance act 1906.

5.       “JETTISONS”

jettison= It means throwing off certain cargo from the ship and lighten the load during an emergency. It is necessary to do this in order to avoid any marine peril to happen.

 It is covered only emergency  Except by agreement or custom of the trade, deck cargo is not included in the cover.

6.        “BARRATRY”

Includes every  wrongful act committed by  master or crew where by the interest of the ship owner character are prejudiced  example setting fire to the ship.

7.       CONFESSING OURSELVES PAID

These words refers to the customers  by which the insured is liable to the broker and not to the under – writer/ insurer for payment of premium.

8.       Valuation clause

This clause  states that  insured value of the good  as agreed  upon between the insured and the insure, in case of  a valued policy.  In case  of  un valued policy  blank space is left    after the word “ and  shall be valued  at ……….”

9.        Sue and labor clause

This clause  is inserted in marine  policies to offer an inducement to the insured to take all possible  steps to offer an inducement to the insured to take all possible steps to avert or minimize a loss. By this clause the insured is given power to take  all such steps  to protect the subject matter  insured  or minimizes the loss as he would have  taken  in case of his own property not covered by any insurance policy.  Expenses incurred  by the insured for this purpose, if any are paid  to protect the subject matter  insured  or minimizes the loss as he would have  taken  in case of his own property not covered by any insurance policy.  Expenses incurred  by the insured for this purpose, if any are paid by the insurer.

10.   Waiver clause

This clause  is supplement to the sue and labour clause. It states that any act of insured  or the insurer  to protect the subject matter  of insurance shall not be  taken   to mean that  the insurer accepts  the act of the  insured as abandonment of the policy. It covers both  the insurer and the insured  who declare an agreement  between  them that “ no  act of  the insured  or insurer  in recovering, saving or preserving the property  insured shall be  considered as a  waiver or acceptance of abandonment.

11.   Warehouse to warehouse clause.

This clause is inserted  in a marine policy if the risks of goods are to be covered from the time of their dispatch from the insured s warehouse and their delivery at the warehouse in the port of destination.

12.   Premium clause .

The receipt and the rate of premium is stated in this clause . a contract of marine insurance ,like any business contract ,to be valid ,must be based on the payment of premium to the insurer or the underwriter who agrees to indemnify the insured against loss by the perils insured against .acknowledgment of the premium under a clause of the policy is a conclusive evidence of the contract between the insured and the insure

13.   Memorandum clause .

There are many highly perishable items which form the subject –matter of marine insurance .the memorandum clause is inserted in the policy with express purpose of exonerating the insurer in case of small losses and to prevent disputes over trifling matters in connection  with some of these perishable  articles . in the memorandum clause following points are stated:

a)       in case of goods of most perishable nature such as corn ,fish ,salt, flour ,and seed the insurer will not be liable for partial loss

b)in case of the loss of perishable articles such as sugar ,tobacco ,hides and skins, hemp, etc  the insurer will be liable for partial loss only when the loss or damage is 5 percent or more of the value of the articles lost or damaged

c)  in case of other goods ,and ship and freight ,the insurer will be liable for partial losses only when the loss or damage amount to 3 percent  or more of the value of the thing lost or damage .

however ,in all these cases ,the insurer will be liable if there is general average loss or the ship  is stranded.

WARRANTS

Warrant is the stipulations or term the breach of which entitles the insurer to avoid the policy altogether. Warrant may be,

(a)express warrant

(b)Implied warrant.

(A) EXPRESS WARRANT

Express warrant are those terms which appear clearly on the face of the policy. The most common express warrant in marine insurance contact are as follows;

i.                    The time of the sailing of the ship

ii.                  The safety of the ship at particular time

iii.                The limit of the ship  navigation

-          Locality

-          Certain of year

iv.                 Departure with convoy

This is given only during hostilities. It means that the ship has to complete the voyage  under escort of an a naval force commanded by a captain appointed by the government.

v.                   The neutrality of the property . It is given only in case of a war time adventure.

It should be noted that an express warranty does not exclude an implied warranty unless it is country to the express warranty.

(B) IMPLIED WARRANTIES

These are certain warranties which are implied in every contract of marine insurance unless they are expressly  excluded. These implied warranties are not mentioned in the policy. But they are taken by the parties to be present and are as fully binding on them as the express warranties.

The following are implied warranties in a marine insurance contract:-

i.                    Sea – worthiness

ii.                  Non – Deviation

iii.                Legality of the Voyage.

iv.                 Proper documentation of the ship

(i)                 Sea – Worthiness

It implies that the ship must be safe enough that not overloaded or linking, that the ship is every respect fit for the voyage on which it is sailing. In this warrant, it suggest that the ship must be fully equipped, provisioned and capable of facing the  normal strains and stress of the voyage on which she is to sail.

(ii)               Non – Deviation:

In case of the voyage or mixed  policy , there is an implied  warranty   that , the ship  will not deviate from the proper cause of the voyage.

By Deviation is meant any departure by the ship from the route prescribed or from the ordinary trade route.

In case of any deviation, The insurer is freed from the liability from the time of the deviation. Even if the accident occurs after the ship has returned  (After deviation from the normal route) to her normal route the insurer will not be liable.  

 Nevertheless, Insurer will remain liable for losses which have occurred before such deviation

Deviation  is permitted or justified under the following circumstances:-

a.       When it is caused by circumstances beyond the control of the captain of the ship

b.       When it is necessary in order to company with an express or  implied arrantly.

c.       When  it is necessary for the safety of the ship or the subject matter insured.

d.       Where deviation is made with a view to save life or help a ship in distress where in  human life will be in danger.

e.       Where it is necessary for the purpose of obtaining medical or surgical aid for any person on board.

f.        When it is permitted by the policy itself

g.       When it is made to avoid capture or destruction by the enemy of the government.

h.       When it is caused by the barratry of the master or crew (if the barratry is one of the perils insured against)

(iii)             The legality of the Voyage

This implied warranty of marine insurance  is concerning  the requirement  of law. It means that the marine insurance policy cannot  be used for the protection for illegal voyages or ventures.  Example of illegal ventures:-

-                      Trading with the energy

-                      Violation of neutrality laws

-                      Breach of  a blockage.

Thus , there is  an  implied warranty on the part of the insured that the voyage is undertaken for legal purpose.

(iv)              Proper Documentation of the ship.

This is an implied  warrant by which ship shall carry all the proper necessary to prove her neutrality.

CLAUSES OF MARINE INSURANCY POLICY.

A policy of marine insurance is made up of various clauses. Some of the  more important  clause  are :-

MARINE LOSSESS/MARINE CLAIMS

There are two kinds of losses  which are recognized in marine insurance. These are:-

-          Total loss

-          Partial loss

1.       TOTAL LOSS

Total loss may be either Actual loss or constructive loss

a.       Actual loss

Actual loss occurs when the subject matter is totally destroyed or becomes irretrievably lost or damaged. Example , sometimes a vessel leave port and disappear completely.

b.       A contractive loss:

This occurs when subject matter is abandoned because its actual loss appear to be inevitable , or where the cost  of preventing an actual loss would exceed the value of the property  when repaired. Example where the cost of raising a sunken ship would exceed her value when recovered.

2.       Partial loss

The term “ partial loss” in marine insurance is replaced by the term “ AVERAGE” such loses may be either a particular average loss or a general average loss.

-          A particular Average loss

Is one that is due to purely accidental cause and therefore coercers only the owner of the affected property (ship cargo) or his insurer, Example  damage by  sea water strong  wind, collision or fire not amounting to total loss.

-          A general average loss.

This is when  the cargo has to be jettisoned in order to secure the safety of the ship and the rest of the cargo

In this case the loss is born by the ship owner and the owner of the cargo this saved.

    General Average Claims

For general average claims to be met the following points must be established :-

(i)The loss must result by deliberate interest

(ii)The action must take place to  protect all parties against common rise which arise

(iii)It must be an absolute necessity to incur

(iv)The ship and some portion of the cargo must have been protected

(v)No defaults took place by the person whose interest has been sacrificed

 

Assignment of marine  insurance policy

Marine insurance policies on goods must of necessity be freely assignable, since goods are frequently sold, sometimes several times over whilst on the water, and insurable in consequently passes through several hands before reaching the party ultimately taking delivery. In the case of cargo policies assignment is by blank endorsement.

Comparisons between fire insurance and marine insurance:

Similarity:

-          All fire insurance contracts  are the contracts of indemnity. Also most of the marine insurance are the contracts of indemnity  except valued policy under which reasonable  percentage  of profits is also included  in the amount of claim.

-          Both fire and marine insurance contract are issued for the short period. In case of fire policy, usually it is for one year, and in marine policy, it is either for voyage (voyage policy) or for a year time policy

Differences;

-          The moral responsibility of the insured  (cargo- owner)  does not exist in case of marine insurance. But such responsibilities  are important factor in case of fire policy.

-          Only the actual loss based on the market value of the property at the time it was  destroyed or damaged by fire  can be claimed under the fire policy. In case of marine insurance, Valued policies allow a margin of expected profits as well.

-          In case of fire  policy the insurable interest must exist both at the beginning  of the policy as well as at the time of the loss. In case of marine insurance it is enough if it exist at the time the loss occurs.

ACCIDENT INSURANCE.

Accident insurance is insurance that provides compensation for accidental injury or death.

Accident insurance covers death, dismemberment, loss of sight, loss of income, and medical expenses caused by accidental injury.

The term accident insurance originally had particular reference  what is known as perusal accident insurance .most personal accident policies provide for payment of a lump sum in the invent of death from an accident or loss of sight or limbs and also weekly cash benefit during temporary or partial disablement .They may also cover disablement of sidedness.

This type of insurance does not usually cover negligence act of God or natural disasters and the policy may include restrictions such as caps on total payout or restrictions on payout for activities deemed risely.

This type of policy can be a good idea for people who lack health care coverage insuring that they will be able to access medical treatment after accident or for people with families who suspect that their family members could suffer financially if they died. By purchasing insurance for accidents, people can provide themselves with more financial security.

Accident insurance policies have payout which vary depending on the security of the injuries.

Some include very specific language about

       -Amount which will be paid out in the event of losing particular extremities, example the payout is designed to cover medical care along with pain and suffering and if an accident causes permanent dis-ability

    -The payment may be structured to provide funds for the accident victim to live on.

      In the event of death, the benefits are paid out to the listed beneficially on the policy.

    The important information or the accident insurance include

                           -Premium rate

                           -Type of accident and the event.

Accident insurance policy also covered not only perusal insurance, it also covers Third party liability.

Third party liability

The liability to a third party crises in connection with most forms of accident insurance and devotes the liability of the insured to compensate any person who suffers loss through his negligence of that of his servants or agents in the course of their duties of sickness.

Types of accident insurance policy.

The important types of accident insurance policies in use are     

                      - motor insurance

                       - General third party.

                       - Burglary.

                       - Fidelity

                     - Personal accident

                      - sickness

                      -  Engineering

                      -  Bad debt insurance.

1. Motor insurance :

The insurance cover loss of damage to  the vehicle or cycle by impact, fire of theft and include third party liability.

This insurance cover property, The person and liability.

Comprehensive  car insurance  :- 

 This policy includes  Third party, Fire and theft, accidental damage to your car, things stolen from  your car, and various other risk.

            Conditions for motor Insurance  (AUTOR INSURANCE)

-           Before picking the motor insurance, make sure  that you have a clean driving record.

-          To  be at least 19 years old.

-          To have license for at least  three years.

If you manage to meet the  criterion and quality then certainly you should proceed ahead to get the motor  insurance.

2, Third part liability.

Under the road traffic acts every meter vehicle driven must be insured for an unlimited sum against liability for death of or injury to third parties and for the cost of their medical and surgical treatment. failure to take out third part insurance cover under these statutes is a criminal offence.

3. Burglary theft and robbery

Burglary  is the act of an authorized entry with criminal interstices into any building or resident .This policy provides cover against  theft and damage to premises arising from entry .loss of money and stock may be covered this policy.

Robbery. 

Is theft with violence or the threat of violence .burglary insurance covers not only the property taken but also any damage caused provided that under business policies fittings fixtures are specifically insured.

4.Fidelity

The main objective of this form of insurance  is to protect employers against  financial loss by fraud or theft  on the part  of specific  employees whose duties  involves  the handling  of cash.

5. Personal Accident and Sickness.

This cover compensation to cover the cost of Hospital  and other treatment, loss of earnings and depravation of the full use of all bodies faculties.

There are four types of policy

a)       Personal accident only

b)      Personal accidents and all forms of sickness

c)       Accident and illness for a specific term of years.

6.  Engineering

Policies are issued covering boilers against explosion steam, gas and oil engines against Mechanical breakdown, electrical  Machinery against Electrical l and mechanical breakdown etc.

THE KEY INSURANCE STAKEHOLDERS

Insurance as the business it has the following stakeholders:

1. Insurance Agents

2.Insurance Collectors

3.Insurance Brokers

4.Actuaries

5.Assessaries

THE ORGANISATIONS PROVIDING INSURANCE SERVICES

There are three principal types of Insurance companies:

(a)    Proprietary Insurance Companies

(b)    Mutual Insurance Companies

(c)    State Insurance Companies

INSURANCE  AND GAMBLING:

GAMBLING

Gambling is the betting game in which winners get the prize. It also involves concepts of larger number                                  

in which one of them become a  winner  and get a prize.   In the gambling the event speculated must occurs but which two chances of winning or losing.

   In fact Insurance and gambling are not the same.

Differences Between insurance and Gambling

1.        Insurance intend of serving unlucky persons who suffer loss by restoring them to the financial position they were before the loss, one never loss or gain in  insurance.

WHILE

            Gambling as the prize, mean  to advance the economic  position of the winner after winning.

2.       In insurance, the event insured may never happen,  WHILE  the event speculated must occur to decide the winner either winning or losing.

3.       In insurance there is an insurable interest in the property one in insuring  WHILE    in Gambling there is no insurable interest.

4.        Insurance is legal and helpful to society as it get protection  on the payment of premiums  WHILE    some gambling is illegal and may discourage  people to work specially in production activities.

5.       Insurance is the security scheme WHILE    Gambling is the financial Game.

(read other differences in DINA PAGE  213)

Similarities between insurance and gambling.

-          They both involves contributions of small amount of money and one person or few people taking a lot of it.

-          Both of them apply principles of probability

-          They both aim at generating profit

-          They both applies principles

REVIW QUESTIONS.

1.       Explain  seven  factors to be considered in determining the premiums to be paid by the insured.

2.       Identify  four marine loses to be considered when one want to apply for marine policy

3.       Elaborate five factors considered in assessing  the cost of charging the motor policy premium.

4.       Explain two types of motor policy

5.       State  subrogation principle

6.       Write down five conditions for subrogation principle