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What's Up Maritime Insurance
Chapter (2) Chapter: 2 Provisions on Certain Maritime Insurance Type
First: Insurance on Ships
Article373: Insurance on ships shall be held successive journeys, or for a determined period.
Article374: 1- The validity of the guarantee given by the Insurance pre journey, shall begin from the time of starting the shipment of goods to the time of complete debarkation of goods, providing such period shall not exceed the Insurance validity period, in all case, by more than fifteen Days from the arrival of ship to destination and the announcement of shipmaster concerning his ship's preparedness to unload the consignment. 2- If the Ship is void of goods, the guarantee made by the Insurer shall begin form the date the ship moves to sail off until anchors at the location of the destination.
Article375: If the Insurance as concluded covers multiple successive journeys, the place as determined in the Insurance Policy for completion of the last journey shall be considered as the place where the guarantee made by the Insurer shall expire.
Article376: If the insurance is made for a determined period the guarantee as made by the insurer shall cover all risks and dangers which take place on the day of the guarantee period and those occurring on the last day of it. A day shall be counted on the basis of twenty fours beginning from the hour of signing the contract according to local time of the place where the insurance contract is signed.
Article377: 1- the insurer shall not held accountable for the damages resulting from inherent defect and flaws in the ship unless the defect is invisible. 2- The insurer shall not be held accountable for the damages resulting from premeditated faults on the part of the shipmaster.
Article378: Except for the damage or harm caused to person the insurer shall pay for the damages whatever their kinds since the insurer shall be responsible to pay to third parties in collision occurs between the insurance ship and another ship or the insured ship collides against a fixed moving or floating object.
Article379: 1- In case insurance on the ship is made for one once or multiple successive journeys the insurer shall be entitled to the insurance on the insurance premium in full once the risks as covered by insurance begin. 2- If the insurance is for a determined period the insurance shall be paid the premium for the whole insurance period in case the ship is wholly destroyed or if the insured opts to relinquish the ship to the insurer when the destruction of the ship or its relinquishment is considered the insurer's liabilities .if however the destruction or relinquishment of the ships is not of the responsibility of the insurer the premium covering the period from the date the risk insurance validity period begins to the date of accident resulting in the ship's destruction or from the date of announcing the desire of the insured to give the ship up to the insurer shall only be payable.
Article380: 1- Within the limits of the insurance amount the insurer shall guarantee the damages resulting from all accidents occurring the validity period of the insurance policy whatever the number of accidents. 2- The right of the insurer to claim a supplementary premium following each accident may also be agreed upon.
Article381: In the event of settlement by indemnification, the Insurer shall sustain the expenses involved in replacing the parts and the necessary repairs to render the ship seaworthy, but not indemnities for reasons resulting form the reduction in the ship's value or its being out of work or for any other reason.
Article382: 1- subject to the provisions of article 349 of the present law, if the ship's value is agreed upon in the insurance contract, no litigation in connection therewith shall be acceptable neither in the case of sharing in the joint losses nor rescuing costs according to 366 of the present law. 2- The value as agreed upon shall comprise the hull and propellers of the ship and its ancillaries as owned by the insured shall result in reducing the insurance amount agreed upon by the equivalent of the value of such ancillaries in case of total destruction or relinquishment of the ship. 3- All insurance, whatever its date, as held exclusively on the ancillaries owned by the Insured, shall result in reducing the insurance amount agreed upon by the equivalent' of the value of such ancillaries in case of total destruction or relinquishment of the ship.
Article 383: The insured may relinquish the ship to the insurer in the following cases: A- The total destruction of the ship. B- If the costs involved in repairing or rescuing and salvaging the ship are equivalent to at last three fourths of its value as indicated in the insurance policy. C- In case the ship's news has been interrupted for a period of three months after receiving the last news about it the ship shall be presumed as destroyed on the date such news was received. D- If the ship has suffered irreparable damage or such damage was impossible to repair due to the lack or unavailability of material equipment as necessary for the repair of such damage at the place where the ship is found at the time of its damage unless it was, however, possible to tug it to another place where its repair would be feasible. 2- If the insurance concluded on the ship comprises war risks the insured may then use his right to relinquish the ship in case of capture or detention or prevention from sailing off upon orders from the public authorities in case the insured is unable to retrieve his ship within four months from the date he notifies the insurer of the incident occurrence.
Article384: 1- Insurance contracts covering several ships belonging to the same furnisher shall apply as though each of these ships belonged to a different furnisher and outfitter. 2- In relation to the ship insurer the goods and other properties as owned by the furnisher and outfitter shall be considered as owned by the third party.
Article385: 1- In case of transfer of the ship's ownership or the ship is chartered without due furnishing insurance shall remain valid by force of law in favor of the new owner or charterer , providing the insurer is notified there of within fifteen days from the date of transferring the ship's ownership or chartering it. Official holidays shall not be included within the fifteen days period the new ship-owner or charterer shall assume all the liabilities as were shouldered by the insured vis-à-vis the insurer by virtue of such insurance. . 2- The insurer may require the rescission of the insurance contract within one month from the date of notifying him about the ownership transfer of the ship or its charter. In this case the contract shall continue to be valid for a period of fifteen days from the date of requesting its recession. 3- The original insured party shall remain committed vis-à-vis the insurer to pay the insurance premiums as due up to the date of transferring the ownership of the ship or that of chartering it. 4- If the .notification about transferring the ownership of the ship, or chartering it does not take place within the period prescribed in clause (1) here above the insurance shall be considered as interrupted from the date of expiry of that period insurance contract shall resume producing its effect twenty four hours after the notification is made the insurer shall refund the insurance premium for the period of interruption of the contract. 5- The provisions of this article shall not apply to the case of the Ship ownership in common, unless transferring its ownership will comprise the majority of shares. Artic1e386: The provision of articles 373 to 385 of the present law shall apply to Insurance Contracts which are restricted to the period of the ship's presence in a port, berth, dock, or any other place. These articles shall also apply to Insurance on the ship while still under construction.
Second: Insurance on Goods
Article387: Insurance On Goods shall be held by virtue on Insurance Policy for one journey, or by sharing in a common Insurance Policy.
Article388: Goods shall be covered with Insurance uninterruptedly, at any place during the journey as determined by the parties of the Insurance Policy.
Article389: If during the journey, the goods are found subject to surface, river, or air transport, as a complementary part of the journey, rules of sea and maritime insurance shall apply during the said transport period completing the journey, unless otherwise agreed upon.
Article390: The amount of Insurance on Goods shall not exceed the highest of the following amounts: A) The purchase price of goods at the goods at the place and time of shipment, or their current price at that time and place if they were not purchased. The goods transport cost (freight) to the port of destination, and the expected profit, shall by added to the foregoing purchase or current price' of goods. B) The price of goods at the time and place of arrival, or the date at which the goods should have arrived, in case they perished. C) The selling price of goods in case the Insured has sold them, to which are added the other amounts as might have been agreed upon in the Sale Contract.
Article391: Losses as caused to the goods shall by estimated at difference between the value of the goods as damaged and their value as intact and safe, at the same time and place. The percentage of drop in the drop in the goods value shall apply as well to the insurance amount.
Article392: The Insured may relinquish the Insurer in the following cases: A) If news of ship is interrupted for a period of three month after receipt of the last news abut it. The Ship shall be presumed as destroyed at the date this news was received. B) If the Ship becomes unseaworthy, and no transport procedures of the goods begin by any other means, to the place of destination as agreed upon, within three month from the date the Insurer is notified by Insured of the ship's unseaworthiness. C) If the goods are destroyed or damaged up to the equivalent of at least three fourths of their value as mentioned in the Insurance Policy. D) If the goods are sold during the journey as a result of suffering material damage, in case the harm is caused by the occurrence of one of the risks covered by Insurance. If Insurance covers war risks. The Insured may use his right to relinquish the goods in case the ship is the captured, retained, or stopped by order of public Authorities, if 'the Goods are not placed at the disposal of the Insured within Four Months form the date the Insurer is notified thereby, of the accident occurrence.
Article393: If Insurance is concluded under a joint Insurance Policy, such Policy shall comprise the conditions whereby each of the Insurer and the Insured, are bound, as well as the ceiling of the amount the Insurer undertakes to pay for each shipment, as well as the insurance Premiums payable by the insured. As regards the insured goods, the journeys, the ships, and other such data, shall be determined by Insurance policy annexes to be issued in respect of the each shipment separately.
Article394: Under a joint Insurance Policy, the Insured shall notify the Insure of the following shipments, and the Insurer shall be committed to accept insuring these shipments: 1st: All Shipments made for account of the Insured or in implementation of sale or purchase contracts binding him to conclude the insurance on them insurance shall automatically comprise these shipments once they are exposed to danger against which the insurance is held, providing the insured shall submit his notification thereabout within the period as prescribed -and set forth in the Insurance Policy. 2nd: All shipments made for account of a third party to whom the Insured assigned carrying out insurance procedures on them, providing the Insured has an interest in the shipment, in this capacity as Commission Agent, a Trustee for the goods, or in any other capacity, Insurance shall not cover these shipments save form the time the Insurer is notified thereof.
Article395: 1- If the Insured contravenes the obligations prescribed in the previous article the Insurer may then require rescinding the contract immediately together with claiming the payment for damages compensation to him equivalent to the insurance premiums concerning the shipments of which he was not notified. 2- If there is an established ill-will on the part of the Insured, the Insurer may restore the amounts paid thereby in respect of incidents involving shipments subsequent to the occurrence of the first premeditated violation on the part of the part on the Insured.
Article396: In all cases of insurance on goods, the Insured shall notify the Insurer within fifteen days from the date of receiving the insured goods, of the damage existence, otherwise he shall be presumed to have received the goods sound and intact, unless he establishes otherwise.
Third: Liability Insurance
Article397: In cases of holding a liability insurance, no remedy shall by sought against the insured if the accident indicated in the Insured policy takes place unless a third party who is harmed by such accident submits a claim against the Insured whether amicably or in court .The obligation of the Insure shall be within the limits of the indemnities the Insured has to pay.
Article398: If the subject of the insurance Liability consists of indemnifying the harm and damage caused to a third party by an act of the Ship, pursuant to the provisions of article 378 of the present law, the insurance shall then produce no effect unless the amount of insurance on the ship is not adequate to compensate for the harm.
ArticIe399: If several Liability Insurance Contracts are concluded, each Insurer shall separately be liable for every accident, within the limits of insurance amount set forth in the relevant Insurance Policy, regardless of the number of the accident providing the total amount received by the Insured shall not exceed the cost of damage ensuing from the Liability.
ArticIe400: A Party undertaking the building or repair of the ship may conclude a Liability Insurance Contract covering the harms and damages to be caused to the ship or a third party during the building or repair operations of the Ship. Such Liability Insurance shall not be subject to the Sea and Maritime Insurance provisions unless parties to the insurance contract agree on the applying them.
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