THE PRINCIPLES OF MARINE INSURANCEExcluded Perils:Sentimental loss - This is a market loss and never recoverable under a marine policymarine surveyor dubaiSympathetic Damage – is when one cargo damages another cargo in the same vicinity. If the damage to the first is caused by an insured peril then the resultant damage to the second cargo is considered to be by the same peril and is recoverable as a loss by that peril.THE MARINE INSURANCE MARKET Global Perspective:Constellation is an International Ship and Marine Consultancy/Survey firm with offices in UK, UAE and INDIA, specializing in off shore marine warranty inspection, Ship and cargo inspections for principles, insurance companies and charterers.By the end of 2013 - Constellation is running a count of 8100+ instructions, holding a vast knowledge base and expertise of claims, loss adjusting, valuations and a seasoned team of Marine Engineers and Master Mariners.Major marine insurance markets exist in the UK, Continent of Europe, the USA and Japan. Markets in other countries tend to cater solely for their own nations for e.g., in certain countries, business people are required to insure with their national insurance companies. THE MARINE INSURANCE MARKET Insurance companies – UK and overseas:Marine Insurance forms a section of their total business interest.The underwriter being a salaried employee has no individual liability. However, the company would be liable to the extent of it‟s paid up share capital. Most of these companies have bureau at the „Institute of London Underwriters‟ (ILU) and nearby.
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