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Chapter Six;Learning objectives ;Definitions ;Parties involved in an insurance practice;6.1 Fundamental principles;6.1.1 The insurable interest principle;6.1.2 The Utmost Good Faith Principle (Bona Fide Principle);6.1.3 The Indemnity Principle;6.1.4 The Proximate Cause Principle;6.1.4 The Proximate Cause Principle ;6.1.4 The Proximate Cause Principle;6.1.5 The Subrogation Principle ;6.1.6 The Share Principle ;6.2 Marine Risks and Losses;6.2.1 Marine Risks;6.2.1 Marine Risks;6.2.2 Marine Losses;6.2.2 Marine Losses;6.2.2 Marine Losses;General Average;General average;General average;General average;General average;General average;6.2.3 Expenses incurred;6.3 Coverage of marine cargo insurance of CIC;6.3.1 Basic insurance coverage;29;6.3.2 Additional Insurance Coverage;6.3.2 Additional Insurance Coverage;6.3.3 Exclusions ;6.3.4 Duration of Basic Insurance;6.3.4 Duration of Basic Insurance;6.4 Coverage of marine cargo insurance of ICC;6.4 Coverage of marine cargo insurance of ICC;37;6.5 Other types of cargo insurance;6.5 Other types of cargo insurance;6.6 Procedures of cargo insurance;6.6.1 To calculate the insurance amount;6.6.2 To determine the insurance coverage;6.6.3 To obtain the insurance premium rate;6.6.4 To apply for marine insurance and pay the insurance premium;6.6.5 To obtain insurance documents;6.6.5 To obtain insurance documents;6.6.5 To obtain insurance documents;6.6.5 To obtain insurance documents;6.6.5 To obtain insurance documents;6.6.6 To lodge a claim;6.6.6 To lodge a claim;6.6.6 To lodge a claim;6.6.6 To lodge a claim;Franchise
For goods insured against “PA” or partial loss from perils of the sea and subject to breaking, leaking and lightening
Two kinds of franchise
Non-deductible
An amount of loss below which the insurers are not bound to pay anything, but above which they are bond to pay in full.
Deductible
An agreed amount that the insured will bear himself.
The insurer pay only for damage in excess of the agreed amount;
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