Warranties in marine insurance are referred to as assurances or promises by the policyholder about a certain act that shall or shall not be commissioned by him. It is a promise that an insured makes to the insurance company regarding the utilization of the insured ship or vessel. In addition, warranties in marine insurance express whether or not the insurer shall be liable to entertain the claim made by the policyholder.
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Marine insurance includes two types of warranties. These are:
Express warranties are the promises and statements made by the policyholder. The express warranties are clearly stated or written in the deed or certificate of the insurance policy. The express warranties generally include the following conditions.
Ship's suitability for the intended journey
Insured party's adherence to good operational and safety standards
Full disclosure of all relevant information by the insured
The legality of the consignment and voyage
Accurate description of the cargo in accordance with applicable laws and regulations
There are two kinds of implied warranties i.e., seaworthiness and legality of the ship. The implied warranties are not explicitly written in the contract deed. Instead, their existence or creditworthiness is assumed, which forms the insurance contract.
It is explicitly stated that the policyholder must comply with the provisions and clauses of the deed. In addition, he should refrain from committing any fraudulent activity. The policyholder and insurer must act in good faith and should be transparent in dealing with the insurance company.
How do Warranties work in Marine Insurance Policy?
In the context of marine insurance, a warranty represents a precise commitment made by the insured to the insurer, concerning the condition or operation of the vessel. Should the insured fail to uphold the warranty, the insurer retains the right to reject a claim.
Marine insurance policies may include express or implied warranties, and they are generally held to strict standards. Even a minor breach could lead to the insurer refusing to fulfill the claim. Understanding and adhering to all warranties is of utmost importance for insured parties to ensure the continued validity of their coverage in the event of a claim.
Seaworthiness of Ship
The ships utilized for transportation must be appropriately constructed and well-equipped. They should have the ability to withstand the usual stresses encountered during the voyage.
The ship must be seaworthy for the intended adventure of the insured.
The ship must be reasonably fit to encounter ordinary perils such as rain at the port.
The ship may require different kinds of preparation at several stages. The ship must be seaworthy with the equipment required at every stage.
If the ship or vessel is sent in an unseaworthy condition, the insurer shall reject the claim.
The insured should not delay in the inception of the journey. If a delay is found, the insurance claim shall be rejected by the insurance company.
The liability of the insurance company shall end in case of deviation in the voyage (Deviation from the common route).
Change in Destination
The insurance company shall not be liable to pay a claim in case of a change in destination after the inception of the risk.
Warranties in marine insurance are pledges or assurances made by the policyholder in the insurance deed. The warranties are of two types. One is known as an express warranty, while the other is known as an implied warranty. Express warranties are explicitly written in the insurance deed. At the same time, implied warranties are assumptions which are assured by the policyholder.
Written By: PolicyBazaar - Updated: 16 November 2023
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