Overview of Marine Insurance Policies

Overview of Marine Insurance Policies The structure of marine insurance Marine insurance is the way to cover vessels or cargoes in case of loss or damage from the port of origin until the destination. Marine insurance is a kind of insurance developed in maritime sector. The first types of marine insurance contracts were born in Genoa and other countries of Italy around the XVI century. During the 19th century Lloyds London and the Institute of London have developed standard clauses to use in marine insurance also called the Institute Clauses. Marine insurance is often grouped with Aviation and Transit risks, and known with the acronym MAT. The Marine Insurance Act includes a standard policy called SG. In 1991, the London market produced a new kind of standard policy called Mar 91 with the Institute Clauses. The MAR 91 form is a general statement of insurance; the Institute Clauses are used to set out the detail of the insurance cover. Lloyds of London is composed from names that are making their own wealth at risk to underwrite insurance cover. They provide cover for vessels, platforms and aircraft. Hull and Machinery policy is a kind of limited cover in case of explosion, fire contact with land conveyances, aircraft, salvage, general average, constructive total loss, total loss, partial collision liability and with additional premium limited cover for bursting of boilers and braking of shafts. All forms of hull cover have to be decided from an insurance broker. Protection and indemnity association provide a cover to loss of life, pollution and the risk of cargo for ship-owners. In other forms of insurance to cover vessels can be included war risk Strike and Freight defense. The underwriters are all liable together, but only for their proportion of the risk. If one underwriter should default, the others are not responsible to pick his share of the claim. Cover could be based for voyages and time. Definition of a PI club This is an association of ship-owners who are together to insure each other on a mutual non- profit-making basis, for their third-party liabilities. Mutual association The PL club is formed from ship-owners which are competitors in the business but they understood that it was more advantageous to cooperate together for insurance purposes. Currently the members of PL are international and different languages culture religion wont divided their cooperation because they are sharing the same risks and liabilities. In other words they are different people but with the same status and same objectives. Moreover would be better if all the members of the PL club have the same type of ship, same size, age, cargoes, involved in the same trade, with the same crew. Every ship-owner should have common characteristics to avoid unfair situations. For example a ship owner with a big tanker should pay more than a ship owner with a small bulk cargo. Every member of PI club shouldnt unfairly pay the other ship-owners. Since the PL is a no profit club the members want to ensure each other and try to achieve together optimum efficiency in the management of their money. The typical marine policy will cover just three-quarter of the insureds liability towards third parties. For this reason in the 19th some ship-owner created an underwriting clubs called PL to insure with all the members of the club the remaining part that the typical marine policy doesnt cover. These Clubs are still in existence Actual total loss and constructive total loss ALT (actual total loss) occurs where a ship owner has been irretrievably denied access to the property insured. Total loss happens when the vessel is completely damaged and the costs of repairing are higher than the insured value. In this case the Ship-owners will issue a notice of abandonment to Insurers. Insurers will take what is left of the ship and then dispose of the vessel in the best way possible. Average In the situation of partial loss or emergency repair of a vessel such as in case of storm or when they have to leave a part of cargo to protect the ship and the remain of the other cargo, a common law undertaking in the UK, may be declared. General Average requires all parties concerned in the venture as cargo, freight hull and bunkers, to contribute to compensate the losses or damages. Average adjusters are people specialized in marine claims and responsible to provide the general average statement involved from the insurers or ship-owners. Types of Policies The major types of marine insurance policies are Time policy The time policy is used for a specific period of time usually for12 months. This policy is most suitable for hull insurance. Voyage policy With the voyage policy the vessel will be insured just for a specific voyage for example from Karachi to Port Saied. The voyage policy has reasonable time. The ship will be also insured 24h after the arrival. When the cargo has an open cover it will be covered for a voyage in a specific period of time. If there will be some modification about ports, places and destination the insurers are not still responsible of the voyage. Moreover in case of deviation the ship may be covered with an additional premium. Mixed policy This is a mix between the Time policy and Voyage policy. In other words the vessel will be covered for a particular voyage and specific period of time. Floating policy Floating policy is taken for the habitual suppliers of goods. It covers several shipments which are declared afterwards along with other particulars. This policy is most suited to exporter in order to avoid trouble of taking out a separate policy for every shipment. Valued policy This policy will cover the cost of goods and shipping charges plus 10% to 15% margin for anticipated profit. This value could be more than the real value of the goods. Unvalued policy Where the value of the subject matter of insurance is not declared but left to be ascertained and proved later it is called unvalued policy. Builder’s risk This policy is valid for more than one year and it will be cover the ship during the construction until the trial voyage. Blanket policy This policy shows all the cargoes insured, with specific ports, destinations, voyages ,places and it will cover all the risks accordingly. Under this policy the maximum limit of the required amount to protect the vessel will be estimated. Port risk policy This policy will cover the vessel in a specific port for a determined period of time Wager policy This is called also gambling policy because the policy has not legal effects on the insurers and it cannot be taken to a court of law. Special hazards policy This policy is used to cover specific risks such as war or piratery. Composite policy This type of policy is bought from more than one person. When there is not freud each of them will be paid separately in case of loss. Block policy This kind of policy is usually used from golds buyers. It will cover all the risks to loss or damage of the gold from the port of delivery until the destination. Fleet Policy This policy will cover more than one ship which is member of the same ownership or management. Each ship will have a separate insurance. New Building risks: The policy is used to cover the risks of damage the vessel during the construction. War risks: Usual Hull insurance doesnt cover the risks of the ship in war zones. The vessel could be protected in war zone paying an additional premium. The areas with war risks are decided by the London-based Joint War Committee which has recently included the Malacca Straits. Increased Value (IV): This policy will cover the ship-owner in case of difference between the insured value of the vessel and the market value of the vessel. Overdue insurance: This is a form of old insurance and it is currently obsolete. It was used by the insurer in case the vessel was late to arrive at the port of destination or lost. A All Risks Another type of insurance policy is A-ALL Risks which doesnt mean that it will cover all the losses but just the ones by fortuitous condition. The requirement that the cause of loss be fortuitous excludes: inherent defects, intentionally caused losses ordinary wear and tear and naturally occurring losses. The term Inherent Vice refers to a loss arising from qualities inherent in the goods insured. The application of Inherent Vice is a strong possibility in certain cargoes, for example hydroscopic cargo, fruits and vegetables, wine, cocoa and coffee beans, iron and steel products, wood products, fish meal, leather goods, hides and skins, flour, soybeans, plantains, potatoes, pistachio nuts, walnuts, rubber, rugs, carpet backing, others. As Inherent Vice is an exception to liability, the burden of proof is on the insurer to support the declination of any cargo claim. An insurer does not agree to insure against damage that is bound to happen or inevitable as a result of the natural tendency of the cargo to deteriorate or sustain damage without an external fortuitous accident triggering the damage. The Inherent Vice exclusion can also apply to a loss which, due to manner in which the cargo is shipped, is regarded as inevitable. A good example is given by cargoes that are susceptible to high and low temperatures. Fresh eggs, chocolate, cocoa cake, wine, beer that are shipped in regular ocean containers during certain times of year when weather conditions are expected to be hot or cold, and without the use of a heated and insulated container ,are bound to sustain losses. Damage that occurs in the course of ordinary handling and transportation of cargoes, without the intervention of a fortuity, can be due to Inherent Vice and would be exuded from coverage.

Honest government Essay

Government is made up of individuals of all personality types and of all character types. As with any profession, department or organization, some individuals are more honest than others. It would be impossible with the broad and encompassing area that government consists of to expect â€Å"honest government. † In addition, what each person perceives as â€Å"honest government† can differ. Some people feel if a politician promises not to increase taxes and then discovers after being elected into office that tax increases are necessary, this to some would be considered dishonesty in government. Others might see it as a different perspective with new information available that the government official didn’t have accessible when making the original statement. There is no way that we can see, hear and be a part of all of the decisions and choices that government makes. Often, one’s direct supervisor is not even capable of knowing what their staff is doing, let alone an entire city, county, state or national government. The checks and balance system of our federal government is proving itself to be almost completely useless so as individuals we cannot â€Å"be all† and â€Å"monitor all. † As long as we have dishonest people and as long as those people enter government positions, there will be dishonest government. However, as stated earlier, we all have our individual perceptions of what is honest and dishonest so that plays a part in how we see the government’s activities also. One website on government dishonesty stated, â€Å"If we intend to live under a government where truth is valued, it must be demanded of our leaders. Those who cannot or will not be truthful must be voted out of office† (Whose, 2007). Many government officials are voted in so I suppose this can possibly refer to those positions. However, not all government positions are elected into their positions. This statement also assumes the next person for the position will be more honest than the former which most of us know isn’t necessarily the case. In conclusion, I do not feel that completely honest government is possible when we are filling government positions with humans, and humans are not perfect nor are they always honest. Reference (2007). Whose fault is government dishonesty? Retrieved June 28, 2007, from University Times Web site: http://www. umpi. maine. edu/utimes/content/view/52/8/

Consumer behaviour theory

In the current state of understanding consumer behaviour attitudes are core concept in gaining knowledge of people’s personalities, behaviour and choices they make. In other words answering the question – â€Å"Why do people do what they do? † Along with beliefs and identity they are main factor impacting on individual’s life since everyday choices are made embracing a certain attitude. Unless marketers try to define and pay attention to the psychological need which is encountered by the holding of an attitude they are in a poor position to predict when and how it will change.  (Daniel Katz, 1960)This essay will specify the factors and psychological processes that influence people’s needs and their perceptions of various products. Furthermore it will describe how marketers can apply the Functional Theory of Attitudes to understand and influence consumers’ attitudes and buying behaviour. According to Arnould (2004)†An attitude is a per son’s overall, enduring evaluation of a concept or object, such as a person, a brand or a service† Attitude formation could happen in different ways and it is continual process which is influenced throughout an individual’s lifetime.Some of the influences are internal such as values and beliefs but many of these influences are external, such as family, school, religion, work, peers and, to an increasing extent, the media. The views for companies are based on associations that they have linked them. The Functional theory of attitudes explains consumers’ reasons for holding or changing their attitudes. Daniel Katz (1960) distinguished four functions differing in what roles they perform for the individual.â€Å"According to functional theory, people form attitudes in order to organize, structure and summarize large amounts of information about an object (Grewal et al. 2004)† (Argyriou, E. , & Melewar, T. C. , 2011, pp. 433) The functional theory highli ghts the idea that attitude change occurs when message and motive match (Katz 1960) and suggests that an individual's attitude toward an object is largely determined by what â€Å"function† an attitude serves for the individual.The first attitude function – the utilitarian is expressed in achieving desired needs, consumers stay away from brands which are unlikely  to fulfil their needs. Utilitarian appeal contains informing consumers of one or more key benefits that are perceived to be highly functional or important to aimed consumers. The term â€Å"utilitarian advertising appeal†, is a creative approach that highlights the functional features of a product or a brand. The basic principle is the one of â€Å"expected reward† and a lot of the commercials use this function in order to focus on the product performance attributes or its benefits. For example, most of the automobile advertisings are emphasising on the utilitarian features and characteristics .Place satisfaction is the â€Å"utilitarian value (of a place) to meet certain basic needs† (Guest & Lee, 1983, p. 234) These needs range from sociability to public services to and the perceived quality of, facilities, or visual appearance (Stedman, 2002,pp. 564) The ego-defensive function in which the individuals protects themselves from getting to know truths about internal feelings or the threats of the external world in order to protect their ego and self-image. (Katz, D. , 1960) Nowadays consumers want to be associated with a particular brand or product.This comes from the fact that they want to build up and keep a particular self-image of themselves in the eyes of their peers. Products which aim to avoid anxiety-producing situations are most likely to be purchased. A perfume is a good example of an ego-defensive aimed product because it is used to rise individual’s self-esteem and position in the society. Advertising this kind of â€Å"tools† emphasises o n the social acceptance, confidence, and sexual desirability in order to build a positive attitudes and association with the particular brand. â€Å"You are unique†¦You are Magnifique! The new Feminine Fragrance. † is the slogan of â€Å"Magnifique† by â€Å"Lancome† flattering ones’ Ego. The value-expressive function is the one from which the individual expresses attitudes which correspond to his personal values and to his concept of himself which brings him satisfaction. This is a central function because it stresses the importance of self-expression, self-development, and self-realization. Consumers could form a product attitude not because of its tangible functions or characteristics, but because of what it says about their personality.â€Å"Places contain symbols of different social categories and personal meanings, and represent and maintain identity on different levels and dimensions. There is no social identity that is not also place-related and thing-related† (Grauman, 1983). The organisation of knowledge function is based upon the individual’s need of order, structure or meaning in their life. Striving for â€Å"ordering their universe† comes from the need of standards or frames when it comes to a new product or confusing situation. The consumer sorts all the messages while ignoring the less relevant information.This could result in positive attitude toward the new brand or the new characteristics of the brand. For example, more information is required when a customer is buying car or the additional policies for a mobile phone contract. In conclusion, attitudes toward brands and products are used to predict preferences among brands, buying intentions, or actual choice behaviour. Measure of brand preferences is not the same as measures of intended or actual choice. Marketers have to consider attitudes toward the act of buying or using a product rather than attitudes toward the product itself.

A Reflection On Awakening Alcoholic Anonymous Meeting

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