The Scope of Insurance: Classification of insurance property insurance (marine)

2. Group Members
1)Mohammad Wahidul Haque
111-11-1906
2)Abul kalam Azad
111-11-1770
3)Faruqul Islam
111-11-1779
4)Sohag Parvez
111-11-1772
5)Monjur Morshed Rahat
111-11-1774

3. THE SCOPE OF INSURANCE
Classification of Insurance
Property Insurance (Marine)

4. CLASSIFICATION OF INSURANCE
There are two ways of the classification of the insurance which are
as follows:
 Branch Wise Classification
 Subject Matter Wise classification

5. Branch Wise Classification
1. Marine
 Hull, meaning the insurance of ship.
 Cargo, meaning the insurance of goods.
 Freight, meaning the insurance of the consideration
received of receivable, paid or payable for the conveyance
of goods.

6. 2. Fire
 Loss , damage or destruction by fire and other special
risks to material property.
 Loss of profit rising due to material damage.
Branch Wise Classification

7. 3. Life
 Ordinary life assurance
Industrial life assurance
 Annuity
 Group life assurance & pension
Personal accident insurance
Branch Wise Classification

8. 4. Accident
 Personal accident
 Burglary
 Motor
 Employers liability
 Public liability
 Product liability
 Cash in safe & transit
 Fidelity guarantee
Branch Wise Classification

9. Professional indemnity
 Boiler & electrical plant insurance
 Erection & contractors all risk
 Aviation insurance
Glass insurance
 Crop insurance
 Credit insurance
 Live stock insurance
 War risk insurance
Branch Wise Classification

10. Subject Matter Wise Classification
There are four types of subject matter wise
classification which are as follows:
1. Insurance of Person
2. Insurance of Property
3. Insurance of Liability
4. Insurance of Interest

11. Insurance of Person
 deals with life insurance
 personal accident insurance
Subject Matter Wise Classification

12. 2. Insurance of Property
 deals with all types property insurance
 includes material loss under fire, marine, motor,
engineering and aviation insurance
Subject Matter Wise Classification

13. 3. Insurance of Liability
 deals with all types of liability insurance
 such as employers liability, public liability and so on.
Subject Matter Wise Classification

14. 4. Insurance of Interest
 deals with protection of financial interest includes
policies like fidelity guarantee and credit insurance
etc.
Subject Matter Wise Classification

15.  A policy covering property, liability and interest will
contain under this branch.
Property Insurance

16. Subject matter of insurance
 Hull
 Cargo
 Freight
Marine Insurance

17. o Hull
 refers to the ship
 the ship owner can insure it against probable losses.
Marine Insurance

18. cargo
 refers to the goods or merchandise
 such goods ort merchandise may be damaged
 the owner can insure against the probable losses.
Marine Insurance

19. Freight
 refers to the consideration payable to the ship in
respect of carriage of goods by the owner’s ship.
Marine Insurance

20. There are usually five types of marine policies which
are as follows:
1. Time policy
2. Voyage policy
3. Mixed policy
4. Floating policy(open cover)
5. Building risk policy
Types of marine policies

21.  Time factor is vital
 subject matter is one year
 In order to validate a claim, the loss must take place
during the time period
 Hull is insured on this basis
Time policy

22.  Voyage is vital
 covers a particular voyage
 In order to validate a claim, the loss must take place
during the voyage.
Usually cargo is insured on this basis
Voyage Policy

23. covers both time as well as voyage
popularity is increasing day by day
Mixed Policy

24.  is used for cargo insurance
 is issued for a round sum covering the numbers of
anticipated shipments
 the insured declares the shipment & obtains a
certificate of insurance from the insurers
 the policy comes to an end when the sum is exhausted
Floating Policy

25.  specific policies are required to be issued against each
and every shipment
 every shipment is to be declared by the insured, as per
terms and conditions of the cover note
Open cover

26.  issued in respect of ships in the process of erection or
building at dockyards
Building risk policy