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insideissue focus22Seaworthiness, Classification & ISMKarthik Viswanathan2628Danger at SeaRajkumar JInstitute Cargo ClausesL. Sivakumar04Statistics - Life Insurance06In the Air21Vantage PointU. Jawaharlal40end-user section46Statistics - Non-Life Insurance30Simplifying Insurance PoliciesNilima Bhadbhade47Round up49Statistical Supplement (Monthly)
from the editorChallenges Unlimited- Marine InsuranceFor the humanity to make progress, itis essential that constant progress isachieved in several fields that makesense for better living. It is a known factthat the resources necessary for achievingthis progress are not uniformly distributedover different places of the world. Further,depending on the availability of naturalresources, the ability of the mankind toexploit such resources, add value etc. alsohave not been uniformly spread, resultingin some countries being in excess of aparticular commodity and others beingdeficient in it. It is this imbalance thatnecessitates the movement of the goodsfrom one corner of the globe to a differentcorner in order to ensure that the generalstandards of living are on the rise.Historically, the most popular medium oftransport of goods between countries –however far apart they are from eachother – has been the ships. Naturally,shipping industry world over has grown insize and stature, as a result; bringingalong with it several problems inherently.The movement of ships and goods acrossvarious countries has to follow severalconventions and regulations, which arewritten in rock; and failure to do so attractshuge penalties and strictures. Thisnecessitates that there is need for thepeople involved to be adept at suchformalities. Marine insurers whoundertake to indemnify the losses ofshippers and traders thus need to be extravigilant about the intricacies associatedwith the trade, transport andinternational conventions.Further, there are several unscrupulouselements always on the prowl to takeundue advantage of the loose ends in thesystem and exploit them to suit theiravarice. Maritime trade is one of the mostsusceptible areas for such frauds to occur.Insurers thus have to be doubly carefulabout the assessment of the risks as alsowith the wording of the contracts so thatthey are not drawn into avoidablecontroversies even unwittingly. Althoughglobal trade has been formalized to occuressentially through well-establishedbanking systems and procedures, bankingchannels specifically insist that theirinvolvement does not go beyond thepropriety of documents. This puts afurther onus on the underwriters to beextra vigilant about the genuineness ofthe trade transactions. Marine insurancethus is a challenging line of business forinsurers and demands the highest level ofadroitness and involvement.‘Marine insurance’ is the focus of this issueof the Journal. Considering the vagaries ofthe weather and the vulnerability of a shipto severe climatic changes, it is essentialthat the vessel undertaking a voyage hasto be robust and strong. The first article byMr. Karthik Viswanathan emphasizes theimportance of the vessel being seaworthy,in order that it would be capableof completing the adventure; and alsothat no foul-play is suspected in the caseof older vessels. The next article throwslight on the lurking dangers of a voyage,especially when they take additionallyvulnerable routes. Mr. Rajkumar J.discusses this very important topic andgives details of how sea piracies actuallyoccur and a few precautions that insurersshould take in order to stay clear ofcontroversies.As mentioned at the beginning of thiswrite-up, it is essential that trade occursacross borders in order that overallprosperity and well-being of humanity isensured. If that is to be achieved, therehave to be conventions and protocols thatensure a proper fulfilment of thepreconditions associated with tradebetween different countries. Mr. L.Sivakumar takes us through the rationaleof the Institute Cargo Clauses and thevalue they add to internationalcommerce. In the end, we have a detailedarticle about the importance of simplelanguage in insurance contracts which isvital to enable a policyholder tounderstand his privileges as also hisresponsibilities – Dr. Nilima Bhadbhadegives a vivid account of the need forchange, in the ‘End-user’ section.With the challenges of ‘Marine insurance’being endless, we will have a collection ofa few more articles throwing light on thisimportant subject in the next issue of theJournal once again.U. Jawaharlal
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