Express Warranty In Marine Insurance
Marine insurance is a specialized form of insurance that covers a wide range of risks associated with maritime activities including accidents, shipwrecks, and cargo losses. In marine insurance, an express warranty is a guarantee provided by the insurer to the policyholder that certain conditions will be met in the event of a claim. Express warranties are typically used to protect the policyholder against specific risks that are not otherwise covered by a standard marine insurance policy. This article will discuss the types of express warranties available and provide an overview of the process for making an insurance claim.
Types of Express Warranties
An express warranty is any written statement or guarantee made by the insurer that is added to the policy contract and is used to limit the insurer’s liability in certain circumstances. Express warranties can be general or specific, and the type of warranty used will depend on the type of risk being covered. Some of the most common types of express warranties used in marine insurance include warranties of seaworthiness, seaworthiness of cargo, and warranties of suitability.
A warranty of seaworthiness is a guarantee by the insurer that the vessel is “seaworthy” and fit for the purpose for which it is insured. This type of warranty is generally used to protect the policyholder against losses caused by the vessel’s unseaworthiness. A warranty of seaworthiness of cargo is a guarantee by the insurer that the cargo is “seaworthy” and fit for the purpose for which it is insured. This type of warranty is generally used to protect the policyholder against losses caused by the cargo’s unseaworthiness.
A warranty of suitability is a guarantee by the insurer that the vessel is suitable for the particular purpose for which it is insured. This type of warranty is generally used to protect the policyholder against losses caused by the vessel’s unsuitable construction, design, or operation. This type of warranty is often used to cover losses related to the vessel’s ability to withstand waves, wind, and other weather conditions.
Making an Insurance Claim
When making an insurance claim, the policyholder must prove that the loss or damage was caused by the risk covered by the express warranty. In order to do this, the policyholder must provide evidence that the vessel or cargo was damaged or lost due to the specified risk. This may include photographs, witness statements, and other documentation. The policyholder should also provide a detailed description of the event, including the date, time, location, and any other relevant information.
Once the policyholder has submitted the necessary proof of loss, the insurer will review the claim and determine if the loss or damage was caused by a risk covered by the express warranty. If the insurer determines that the loss or damage was caused by a risk covered by the express warranty, the policyholder will be compensated in accordance with the limits of the policy.
Conclusion
Express warranties are an important part of marine insurance and are used to protect the policyholder against specific risks that are not otherwise covered by a standard marine insurance policy. Express warranties can be general or specific, and the type of warranty used will depend on the type of risk being covered. When making an insurance claim, the policyholder must provide proof that the loss or damage was caused by a risk covered by the express warranty. If the insurer determines that the loss or damage was caused by a risk covered by the express warranty, the policyholder will be compensated in accordance with the limits of the policy.