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Stone Manor - To Facilitate Saving, Companies Employ Agents To Collect Money From Policy -
To facilitate saving, companies employ agents to collect money from policy - holders, providing a door - to - door service similar to that for newspapers or milk The agent collects premiums as they fall due, enters the payments in a collecting website and pays the money to the district office. Marine Insurance: Marine insurances are accepted by Lloyd's underwriters and by insurance companies. Lloyd's is the centre of the marine insurance market, so company markets are situated nearby for convenience. Most marine insurance cover is placed through the intermediary of a broker who is paid commission on the transaction.
Marine insurance is based on the Marine Insurance Act of 1906. This Act covers both ship and goods against perils described as follows: Touching the adventures and perils which we the assurers are contented to bear and do take upon us in this voyage: they are of the seas, men - of - war, fires, enemies, pirates, rovers, thieves, takings at sea, arrests, restraints and detainments of all kings, princes, and people, of what nation, condition or quality so ever and all other perils, losses and misfortunes, that have or shall come to the hurt, detriment or damage of the said good and merchandise, and ship, etc, or any part thereof. Basically, policies are similar today, and these same perils are covered. The insurer may add particular clauses to increase or limit the insurance cover. Types of Insurance - Casualties If a loss occurs it is called a casualty: A ship may be insured for total loss or for partial damage.
Cargo will be insured for its full value. If a loss occurs, the extent of damage must be proved on arrival. Any claim must be documented by the policy, the note of lading, invoice, surveyor's report, accounts of charges and any relevant correspondence. Not all risks are insured with companies. Ship owners group themselves into associations, known as indemnity clubs, to cover certain kinds of liability and indemnity.