Marine Insurance Law Flashcards
6 cards from real Maritime Law practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Marine Insurance Law flashcards as text
Which exclusion is standard in nearly all marine hull policies relating to the vessel's physical condition?
Answer: Wear and tear, gradual deterioration, and inherent vice
Marine hull policies universally exclude ordinary wear and tear, gradual deterioration, and inherent vice because these are not fortuitous losses but expected consequences of use.
In marine insurance, 'abandonment' refers to the insured's right to:
Answer: Surrender the vessel to the insurer and claim a constructive total loss
Abandonment is the formal act by which the insured gives up all rights in a constructively total-lost vessel to the insurer in exchange for payment of the full insured value.
The 'inchmaree clause' (Additional Perils Clause) extends hull coverage to include damage caused by:
Answer: Latent defects, negligence of crew, and bursting of boilers
Named after the vessel Inchmaree, this clause expanded hull coverage to include losses from latent defects, negligence of masters or crew, and mechanical accidents not caused by a named peril.
The 'warehouse-to-warehouse' clause in cargo policies provides coverage from:
Answer: The point of origin warehouse to the final destination warehouse
The warehouse-to-warehouse clause covers cargo throughout its entire transit, from when it leaves the origin warehouse until it arrives at the final destination warehouse.
Under U.S. maritime law, a cargo underwriter who pays a loss claim and then sues the carrier must do so within which limitation period?
Answer: One year after delivery (or expected delivery) under COGSA § 3(6)
COGSA § 3(6) requires suit against the carrier to be filed within one year of delivery or the date when delivery should have occurred.
Which international convention governs the liability of ship operators for bunker oil pollution damage caused by non-tanker vessels?
Answer: The Bunkers Convention (International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001)
The Bunkers Convention 2001 establishes strict liability on the registered owner of a ship for bunker oil pollution damage caused by vessels other than tankers, which are covered by the CLC.